IRS
What’s in the New Covid Relief Law?
Stimulus payments are just part of it. Also: more unemployment, PPP, EIDL loans, Employee Retention Credit, EIC, CTC, eviction moratorium, and more.
When Will You Get Your 2021 Income Tax Refund?
Most Americans who are expecting an income tax refund receive it by direct deposit in as little as 2 weeks, although it can take longer during the peak of the filing season, which starts in late March. So it's a good idea to e-file your tax return as ...
IRS Reminds Taxpayers of Special $300 Charity Deduction without Itemizing
The CARES Act includes several temporary tax changes helping charities, including the special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their deductions.
2020 Year-End Tax Planning Tips for Businesses and Individuals
COVID-19 brought financial challenges to much of the public and forced companies to reimagine how business is done. Congress responded with generous relief, much of which runs through the tax code.
Who Qualifies for the Home Office Deduction Under the New Tax Laws?
Small Business Week, Sept. 22-24 is a good time for individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return.
IRS to Send Letter to 9 Million Non-Filers Who Didn’t Get Coronavirus Stimulus
The letters are being sent to people who haven’t filed a return for either 2018 or 2019. Based on an internal analysis, these are people who don’t typically have a tax return filing requirement because they appear to have very low incomes, based on ...
IRS Extends Tax Deadlines for Hurricane Laura Victims
Victims of Hurricane Laura that began Aug. 22 now have until Dec. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service has announced.
Senate GOP Agrees to Another Round of $1,200 Coronavirus Stimulus Checks
Instead of a payroll tax cut, the GOP will now back $1,200 checks for individuals who make up to $75,000 a year, exactly as in the March stimulus bill. Mnuchin said that would get money into the economy faster than cutting the payroll tax, which would ...