IRS to recalculate taxes on unemployment benefits; refunds to start in May WASHINGTON – To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue […]
Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline
WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. “This continues to be a tough […]
Tax Changes Affecting Businesses from the American Rescue Plan Act
The American Rescue Plan Act of 2021 (ARPA) signed into law on March 11, 2021 by President Biden contains numerous tax provisions which may affect the tax situation for your business in 2020 and 2021. We’ll provide a general recap of some of the major changes impacting businesses in this article. Employee Retention Credit The […]
Tax Changes Affecting Individuals from the American Rescue Plan Act of 2021
The American Rescue Plan Act of 2021 (ARPA) signed into law on March 11, 2021 by President Biden contains numerous tax provisions which may affect your taxes in 2020 and 2021. We’ll provide a general recap of some of the major changes in this article. Recovery Rebate The biggest news for taxpayers is a stimulus […]
ALERT! Some Unemployment Income Now Tax Free for 2020
A surprise tax break for 2020 was passed into law in March of 2021. It may impact your situation if you received unemployment income this past year. This will mean filing amended tax returns for some and a delay in preparing your tax return for others. Background Unemployment compensation was received by millions of Americans […]