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.
March 17, 2021
Advisory Services Best Practices: Turning Tax Return Problems Into Business Lifecycle Engagements
We got into this profession to help our clients achieve their goals and grow their businesses, and even if most of your work involves individual returns, there are still personal goals to meet. It’s time to put your advisory services hat on ...
March 17, 2021
Important Information for Parents Regarding the American Rescue Plan Act
The recent aid package included new stimulus payment amounts including an increased amount for each dependent. Additionally, there is relief for families facing unemployment by allowing an exclusion for unemployment income claimed on your tax return.
March 17, 2021
IRS Has Already Sent Out 90 Million Stimulus Payments
Additional batches and payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of all Economic Impact Payments will be issued by direct deposit. No action is needed by ...
March 16, 2021
The Latest IRS Rules for Retirement RMDs in 2021
The Internal Revenue Service is reminding taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts.
March 16, 2021
AICPA Again Urges IRS to Delay Tax Filing Season
“Even the IRS – faced with a significant mail processing backlog, a delayed start of the 2021 tax season, inundated phone lines, and a new round of COVID-19 relief payments – is overwhelmed. Denying a postponement of this filing and payment deadline ...
March 16, 2021
How AI is Enhancing Fraud Detection
The modern digital finance network is one of the most dynamic, fast-moving technological entities on the face of the planet.
March 14, 2021
$1,400 Stimulus Payments Going Out, First Batch Already Received
No action is needed by most taxpayers; the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020. People can check the “Get My Payment” tool on IRS.gov on Monday to ...
March 12, 2021
Business Tax Effects of New Covid Stimulus Law, American Rescue Plan Act
In addition to the $1,400 stimulus payments to many Americans, the American Rescue Plan Act provides many other relief measures, and also some new business tax measures, that should be noted.
March 11, 2021
AICPA Leader Tells Congress of Urgent Need for a 60-day Delay in PPP Application Deadline
Simpson also called upon Congress to extend the PPP application deadline by at least 60 days after March 31, 2021, citing urgent challenges facing small business and their CPA advisors, ...
March 10, 2021
Biden Signs Stimulus Bill into Law
In this version, the maximum payment is $1,400 per qualified individual or $2,800 for a couple. Previous payment amounts were for $1,200 and $600 per qualified individual respectively. In addition, payments are now available for all dependents, ...
March 10, 2021
New Coronavirus Stimulus Signed into Law, Includes Tax Breaks for Individuals
President Biden has signed into law the new economic relief package passed by the House of Representatives and Senate on Wednesday. The American Rescue Plan (ARP) Act provides a wide array of tax-related benefits for individuals. Following is a brief ...
March 7, 2021
$1.9 Trillion Covid Stimulus Passes Senate
President Joe Biden’s signature $1.9 trillion Covid-19 relief bill passed the Senate 50-49 on Saturday following a more than 25-hour marathon of amendment votes completed after Democrats settled an intra-party dispute over unemployment aid.