Some taxpayers are getting a little something extra this tax season, along with claiming the 2020 Recovery Rebate Credit. The little extra is a letter from the Internal Revenue Service because some taxpayers may not be getting the amounts from the RRC they expected.… Read more about Some Taxpayers in for an RRC Surprise (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
Employees of three federal agencies are keeping very busy these days, sending out the millions of Economic Impact Payments (EIPs) to Americans in need.… Read more about More Than 130 Million EIPs Have Been Sent Out with More to Come (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
Major tax legislation usually causes a period of confusion as taxpayers and tax professionals wait for official guidance on complex provisions. The American Rescue Plan Act of 2021 is no different.… Read more about Consider Amending Returns That Didn’t Take Unemployment Compensation Exclusion (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
Taxpayers are getting more time to meet some tax deadlines that would normally fall on April 15, such as making IRA contributions and filling certain claims for a refund.… Read more about Additional Tax Deadlines Pushed Back by IRS (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
Students and their higher-education institutions are getting a clearer picture of how to report pandemic-related emergency financial aid grants. Or not.… Read more about Emergency COVID Aid to Students Deemed Not Taxable (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
A new announcement from the Internal Revenue Service should come as welcome news to front-line health care workers nationwide. Announcement 2021-7 clarifies existing language to assure taxpayers that the purchase of personal protective equipment (PPE) can be deductible.… Read more about IRS Says PPE Expenses Could be Deductible (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…