Income Tax

March 2, 2021 

To help businesses prepare and file reports, the IRS created a video on How to Complete Form 8300 – Part I, Part II. The short video points out sections of Form 8300 for which the IRS commonly finds mistakes and explains how to accurately complete ...

February 27, 2021 

The House passed a $1.9-trillion COVID-19 relief package early Saturday, pushing forward the aid millions of Americans have waited for as the country continues to grapple with the pandemic that has killed half a million Americans and crippled the economy.

February 26, 2021 

Good news for small business owners! The Consolidated Appropriations Act, signed into law on December 27, 2020, has expanded and clarified CARES Act benefits for employers.

February 25, 2021 

Amid recent requests by the AICPA and National Association of Tax Professionals that the IRS extend the 2021 income tax filing season, millions of Americans are still challenged by a backlog at the IRS of income tax returns from last year.

February 24, 2021 

NATP recently surveyed tax pros to find out what their preference for the 2021 Tax Day would be. More than 70% of respondents indicated their support of a filing date later than the current April 15.

February 24, 2021 

Though the IRS has emphasized that taxpayers and tax professionals should assume that the deadline will remain, it has also been reported that the IRS will not commit to keeping an April 15 filing deadline if Congress approves another round of economic...

February 24, 2021 

The American Institute of CPAs (AICPA) submitted comments to the Internal Revenue Service (IRS) to address the need for guidance concerning adjustments attributable to conversions from S corporations to C corporations under section 481(d) of the TCJA...

February 22, 2021 

The tax relief postpones various tax filing and payment deadlines that occurred starting on Feb. 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this ...

February 22, 2021 

The U.S. Supreme Court put a new New York grand jury on the brink of getting eight years of Donald Trump’s tax returns and other financial records, ending months of delay by rejecting his bid to keep the information private.

February 19, 2021 

Americans with income from a farming or fishing business can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1, according to the IRS.

February 9, 2021 

House Democrats are proposing to limit the next round of Covid-19 relief payments to households earning less than $200,000, after criticism that President Joe Biden’s $1.9 trillion stimulus package would benefit the rich.

February 3, 2021 

Are you or someone in your family—say, a child who recently graduated from college—embarking on a new career? It’s not too early to start saving for retirement. In fact, it’s generally recommended that you begin retirement planning once you’re ...