Income Tax

With the Dec. 27, 2020, enactment of the Consolidated Appropriations Act, 2021, businesses now may claim these deductions even though they received PPP loans to cover original eligible expenses. These businesses can use the safe harbor provided by this...

Eligible employers, such as businesses and tax-exempt organizations with fewer than 500 employees and certain governmental employers, can receive a tax credit for providing paid time off for each employee receiving the vaccine and for any time needed ...

If you qualify and beat the tax return deadline, you can take an above-the-line deduction for an IRA contribution. Thus, the contribution may effectively reduce your 2020 tax liability.

The total value of the stimulus payments is more than $376 billion since these payments began rolling out to Americans in batches as announced on March 12.

This brings the total disbursed so far to more than 130 million payments worth approximately $335 billion.

By Taxfyle co-founder, CEO Richard Laviña, CPA When the IRS announced in 2020 that it would extend the filing deadline to July 15, the industry breathed a collective sigh of relief, thankful for three extra months to meet deadlines, while also managing the unprecedented circumstances of the COVID-19 pandemic that brought so much disruption to […]

Adults over 21 will also be allowed to grow marijuana at home. It will be a while before legal sales begin or plants are allowed to grow as the newly-created Office of Cannabis Management is formed and finalizes rules and regulations.

The IRS is strongly urging taxpayers to not file amended returns related to the new provisions in ARPA or take other unnecessary steps at this time.