by taxPRO Websites Staff | Mar 18, 2021 | Tax Tips and News
Much like last year, the 2021 filing season has been characterized by challenges. The season started later than usual, tax professionals and taxpayers continue to manage pandemic safety precautions, and guidance is pending for the retroactive tax law changes included...
by taxPRO Websites Staff | Mar 18, 2021 | Tax Tips and News
There are a lot of things vying for our attention these days: the coronavirus, vaccine opportunities, new Economic Impact Payments, the new tax deadline—all worthy topics. But when it comes to taxes, recent changes to retirement plan rules also shouldn’t go unnoticed....
by taxPRO Websites Staff | Mar 16, 2021 | Tax Tips and News
It won’t be long before Americans start seeing the third round of Economic Impact Payments—also known as EIP3—showing up in their bank accounts and mailboxes. The Internal Revenue Service is sending direct deposit payments first; some recipients could see their...
by taxPRO Websites Staff | Mar 16, 2021 | Tax Tips and News
Taxpayers, no matter their age, may be able to claim a deduction on their 2020 tax returns for contributions to their Individual Retirement Arrangement (IRA) if they make them by April 15. Contributions to a traditional IRA are usually tax-deductible, and...
by taxPRO Websites Staff | Mar 14, 2021 | Tax Tips and News
President Biden signed into law the $1.9 trillion American Rescue Plan Act of 2021, which includes a number of tax-related provisions that lawmakers say will help struggling Americans weather the pandemic recession. As with any legislation that affects taxes, that...
by taxPRO Websites Staff | Mar 13, 2021 | Tax Tips and News
The Internal Revenue Service yesterday released a COVID Tax Tip highlighting guidance for employers who deferred payment of their employee’s 2020 Social Security tax. Initially described by legislators as a “payroll tax holiday,” the agency reminds participating...
