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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...

WASHINGTON – The Treasury Department and the Internal Revenue Service recently issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). This...

WASHINGTON – The Internal Revenue Service encourages taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021.  This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season.   A special...

The IRS has released a draft of the 2021 employer’s tax guide. The publication covers many new payroll-related issues summarized below.  COVID-19 Employment Tax Credits, Relief The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, provides certain employers with tax credits that...

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...

WASHINGTON — The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted on IRS.gov. Highlights of changes for 2021   The income ranges for determining eligibility to make deductible contributions to traditional Individual...

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...

The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help taxpayers answer most questions and...