Taxes September 2, 2026
Tax Court Penalizes ‘Pretty Sophisticated’ Taxpayer
Depending on the situation, the IRS may have discretion to hand out some of these penalties or to cut unknowing taxpayers some slack.
April 24, 2021
Homeless Americans Can Get Coronavirus Stimulus Payments
Homeless Americans who don’t have a permanent address or a bank account may still qualify for the Coronavirus stimulus payments, also known as Economic Impact Payments, and other tax benefits, according to the IRS.
April 22, 2021
161 Million Americans Have Received Covid Stimulus Payments
The sixth batch of payments began processing on Friday, April 16, with an official payment date of April 21, with some people receiving direct payments in their accounts earlier as provisional or pending deposits. Here is additional information on this...
April 22, 2021
IRS Gives Safe Harbor to SMBs to Claim Deductions for PPP Loans
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...
April 21, 2021
Small Businesses Get Tax Credits for Paid Leave for Covid Vaccinations
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 ...
April 21, 2021
Taxpayers Can Still Get a Tax Deduction by Setting Up an IRA Before May 17, 2021
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.
April 15, 2021
IRS Has Disbursed $376 Billion in Stimulus Payments to 159 Million Americans
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.
April 1, 2021
IRS Has Sent Stimulus Payments to More than 130 Million Americans
This brings the total disbursed so far to more than 130 million payments worth approximately $335 billion.
April 1, 2021
Accounting Amid COVID: When Will CPAs Get Some Relief?
This year, while a marked improvement from its predecessor, has faced a few similar challenges – primarily, that tax practitioners have again been left scratching their heads. This time, the confusion is around why the IRS gave only one extra month for the tax season, compared to three last year. The injury has been worsened...…
March 31, 2021
New York State Legalizes Recreational Marijuana
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.
March 31, 2021
IRS Says Taxpayers Should Not File Amended Tax Returns Due to Stimulus Law
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.
March 31, 2021
College Students Warned of IRS Scam
Taxpayers who believe they may have provided identity thieves with this information should consider immediately obtaining an Identity Protection PIN. This is a voluntary opt-in program. An IP PIN is a six-digit number that helps prevent identity ...
March 31, 2021
Emergency Financial Aid Grants to College Students are Not Taxable, Says IRS
The Internal Revenue Service has issued frequently asked questions on how students and higher education institutions should report pandemic-related emergency financial aid grants.