March 5, 2021
The closing letter is issued to an executor of a decedent’s estate for which a Form 706, U.S. Estate (and Generation-Skipping Transfer) Tax Return, or Form 706-NA, United States Estate (and Generation-Skipping Transfer) Tax Return ...
March 2, 2021
For 2020, the employee retention credit can be claimed by employers who paid qualified wages after March 12, 2020, and before January 1, 2021, and who experienced a full or partial suspension of their operations or a significant decline in gross receipts.
March 2, 2021
The Internal Revenue Service says that interest rates will remain the same for the calendar quarter beginning April 1, 2021. The rates will be: 3% for overpayments [2%t in the case of a corporation]; 0.5%for the portion of a corporate overpayment exceeding $10,000; 3% for underpayments; and 5% for large corporate underpayments. Under the Internal...…
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 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 9, 2021
Last year, with the U.S. facing the then-new COVID-19 pandemic and its effects on government, businesses and individuals, the IRS pushed the tax deadline from the usual date of April 15 until July 15. But that was 2020.
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 ...