Taxes

March 1, 2021 

While an economic downturn had long been anticipated, no one expected a pandemic would plunge the globe into economic chaos with such exacting scope and speed. When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in ...

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 24, 2021 

The US government collects over $5.3 trillion in taxes each year, but how much will the average American pay in taxes throughout their lifetime? We used the Bureau of Labor Statistics’ expenditure numbers to see what we as Americans were spending each day to work out what taxes we would be paying until we’re no...…

February 23, 2021 

Depending on where you live, property taxes can be a small inconvenience or a major burden. The average American household spends $2,471 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states ...

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.