Following the extension of the filing and payment deadline for individuals to May 17, 2021, the IRS announced other tax deadline extensions to the same date. Here’s what’s affected: Contributions to IRAs and health savings accounts People now automatically have until May 17, 2021, to make 2020 contributions to...
The latest relief bill—the American Rescue Plan Act—is the size of a long novel, so it will take some time to get the full scope. The IRS has started to issue guidance, which provides help in understanding key provisions, but does not contradict what has...
WASHINGTON – The Internal Revenue Service issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for calendar quarters in...
The IRS has delayed individual tax filing for 2021 until May 17. Although that doesn't affect individual states, many are choosing to offer the same relief the IRS has. Is your state included? Unfortunately, there is no one official place taxpayers can go for a...
The filing date for the federal income tax has been postponed until May 17. The IRS has announced that individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and...
The window of opportunity to trim that 2020 tax bill, save for retirement and leverage strategies to secure your financial future is closing. To help Americans make these moves before it’s too late, CPA financial planners with the American Institute of CPAs (AICPA) share the...
What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals. First, any...
There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them: Donate to charity There is still time to make a 2020 donation. Taxpayers who don't itemize deductions may take...
An employee put in years of service with your company, or is an exemplary worker, but circumstances now lead to his or her departure. You have agreed to pay the employee severance, but you want him or her to receive the full amount, with no...
Payroll and taxes are usually a confusing topic for businesses who can easily find themselves in trouble with the IRS if payroll taxes are not reported correctly. For churches and places of worship, payroll taxes can be especially tricky due to the dual-tax status of...