by taxPRO Websites Staff | Apr 10, 2021 | Tax Tips and News
The IRS has unveiled guidance that temporarily throws open the gates to recouping 100 percent of the expense for certain food and beverage purchases. The new rules for this business deduction went into effect on Jan.1 of this year. The guidance is spelled out in...
by taxPRO Websites Staff | Apr 8, 2021 | Tax Tips and News
Some taxpayers are getting a little something extra this tax season, along with claiming the 2020 Recovery Rebate Credit. The little extra is a letter from the Internal Revenue Service because some taxpayers may not be getting the amounts from the RRC they expected....
by taxPRO Websites Staff | Apr 7, 2021 | Tax Tips and News
Employees of three federal agencies are keeping very busy these days, sending out the millions of Economic Impact Payments (EIPs) to Americans in need. The Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service have...
by taxPRO Websites Staff | Apr 3, 2021 | Tax Tips and News
Major tax legislation usually causes a period of confusion as taxpayers and tax professionals wait for official guidance on complex provisions. The American Rescue Plan Act of 2021 is no different. The Internal Revenue Service this week announced they will...
by taxPRO Websites Staff | Apr 1, 2021 | Tax Tips and News
Taxpayers are getting more time to meet some tax deadlines that would normally fall on April 15, such as making IRA contributions and filling certain claims for a refund. The deadline shift is outlined in Notice 2021-21, which pushes those deadlines to May 17, 2021....
by taxPRO Websites Staff | Apr 1, 2021 | Tax Tips and News
Students and their higher-education institutions are getting a clearer picture of how to report pandemic-related emergency financial aid grants. Or not. The big news is that the IRS considers aid to students due to the COVID-19 pandemic to be non-taxable. The Internal...
