Taxes

IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May

Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation. The IRS will automatically refund money to eligible people who filed their tax return reporting unemployment compensation before the recent changes...

30 April, 2021

American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines; new fact sheet outlines details

WASHINGTON − The Internal Revenue Service and the Treasury Department recently announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. The additional details, provided in a fact sheet released today,...

23 April, 2021

Claiming the Employee Retention Credit in the First and Second Calendar Quarters 2021

IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-23 explains the changes for the first and second calendar quarters of 2021, including: ...

16 April, 2021

IRS Extends Additional Tax Deadlines to May 17

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...

09 April, 2021

IRS Offers More Details on Relief Bill

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...

30 March, 2021

Many States Follow Suit With Fed Tax Delay

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...

22 March, 2021

14 Year-End Tax and Financial Tips

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...

21 December, 2020

Get Ready To File Taxes: What To Do Before The Tax Year Ends

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...

11 December, 2020

Tax Break: What Does ‘Grossing Up’ Mean?

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...

18 November, 2020

The Three Most Common Payroll Mistakes Churches Make

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...

03 November, 2020