IRS reminds us that we have until April 15, 2021 of this 2020 tax year to make a $6,000 (with catchup for age 50 to $7,000) IRA contributions- Traditional or ROTH IRA for the 2019 tax year, don’t be late! The Internal Revenue Service notes that taxpayers of all ages may be able to claim […]
The American Rescue Plan Act, H.R. 1319. Includes many none tax provisions including an extension of Federal unemployment benefits, $50 billion in small business funding, money for health care entities, vaccine distributions, Covid-19 testing, K-12 and college and university assistance, finding for local and state governments . Among the act’s many provisions are several tax items.
On Wednesday March 17, 2021, through IR-2021-59- the IRS and Treasury Department Announce U.S. Tax Day Deadline Extended From April 15 to May 17, 2021. Dear Clients and Colleagues: We waited to issue a Firm Statement pending IRS Formal Guidance, which has to date not been forthcoming as promised. Tax deadline status- On Wednesday March […]
The American Rescue Plan Act, H.R. 1319. Among the act’s many provisions are several tax items. Most of the tax provisions that were in the House version of the bill were unchanged in the Senate’s version, but the tax treatment of 2020 unemployment benefits, the phaseout ranges for economic impact payments, and the treatment of student
Thursday March 4, 2021 the American Institute of Certified Public Accountants (AICPA) sends a follow-up urgent letter to the IRS Commissioner Charles Rettig and Acting Assistant Secretary Mark Mazur re-requesting a an extension of the April 15, 2021 deadline to file and pay 2020 income tax to June 15, 2021, as the original suggested March […]
The American Institute of Certified Public Accountants (AICPA) writes to the Treasury and the IRS to urge an extension of the April 15, 2021 deadline to file and pay income tax to June 15, 2021 and to release guidance by March 1, 2021. In a recent letter to Treasury and the IRS, the AICPA called for
Additional guidance on the Consolidated Appropriations Act, 2021 including the Interim Final Rules (IFR’s) for first and second draw PPP loans. Friday January 8, 2021 the SBA and Treasury announced that the new PPP will re-open the week of Jan. 11 with community financial institutions exclusively allowed to make first-draw PPP loans on starting Jan. […]
Hear Ye Hear Ye read all about it—-With the tweaking on the IRS platform form the upcoming 2021 tax season for the 2020 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off February 12., 2021! Anchors away. The Internal Revenue Service announced that the […]
As part of the Consolidated Appropriations Act, 2021 signed into law on Sunday December 27, 2020 by the President and passed by Congress on December 21, 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is […]
The Consolidated Appropriations Act, 2021 includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress on Dec. 21, and President Donald Trump signed the bill into law on Dec. […]
