by | Jan 9, 2021 | Tax Tips and News
The Internal Revenue Service this afternoon announced it was working with the tax and financial industry to redirect Economic Impact Payments that were direct deposited in closed, inactive, or “unfamiliar” bank accounts. “Some recipients may have had their payment...
by | Jan 8, 2021 | Tax Tips and News
The Internal Revenue Service has eased the cost of participation in the Paycheck Protection Program (PPP) by allowing deductions for the payment of eligible expenses. The deductions are outlined in guidance issued by the IRS, and are allowed when such payments would...
by | Jan 7, 2021 | Tax Tips and News
The Internal Revenue Service is reminding tax professionals and taxpayers that employers need to file Form W-2 and other wage statements by Feb. 1, 2021. The February deadline is also the date employers must get wage statements to their employees. The timetable is set...
by | Jan 7, 2021 | Tax Tips and News
Ask most people what they thought of 2020, and the response is likely to be something like, “disastrous,” “catastrophic” — even “unprecedented.” Ask IRS Commissioner Chuck Rettig, though, and he might say 2020 was his agency’s finest hour. The just-departed year,...
by | Jan 5, 2021 | Tax Tips and News
The second set of Economic Impact Payments are already showing up in eligible Americans’ bank accounts, but some may encounter problems with their direct payment. Rather than picking up the phone, the Internal Revenue Service today advised taxpayers to instead visit...
by | Jan 1, 2021 | Tax Tips and News
The Internal Revenue Service this week published a safe harbor for the management or operation of qualified residential living facilities in Revenue Procedure 2021-9. Trades and businesses managing or operating a residential living facility—as defined in the text of...
