AICPA News
Employee retention credit guidance update and rising economic confidence - Journal of Accountancy podcast
On March 1, the IRS issued guidance on the employee retention credit. April Walker, CPA, CGMA, lead manager on the Tax Practice & Ethics team at the AICPA, explains the highlights of that guidance, including how the credit interacts with PPP loans. Also, Ken Witt, CPA, CGMA, senior manager for management accounting and member engagement at the AICPA, shares the important details of the latest AICPA Business & Industry Economic Outlook Survey.
journalofaccountancy.com
IRS News
IRS postpones April 15 deadline
The IRS is postponing the tax filing deadline to May 17 from April 15, the agency said Wednesday. That will give taxpayers more time to file tax returns and settle bills. The IRS and Treasury Department will postpone the April 15 tax-filing deadline to May 17, the agencies announced Wednesday.
nbcwashington.com
News
IRS Tax Returns Are Due April 15, But Extensions May Reduce Audit Risk
Remember last year? The normal April 15 deadline last year was extended to July 15. This year, there was widespread speculation that the IRS would extend it again this year, but the IRS Commissioner said no. But should you rush to file your taxes on time, or should you go on extension to October 15?
forbes.com
Five Tips To Prepare For This Tax Season
For small-based businesses, I've put together my top five tips to prepare for this tax season.
forbes.com
Accountants Often Advise Clients to File Taxes as Soon as They Can. Why That's Recently Changed
Tax experts usually advise people to file their taxes as soon as they can — it's the fastest way to get a refund and to know if you owe the IRS. It can also reduce your risk of fraud.
Then the pandemic hit.
Last year, sweeping lockdowns to curb the spread of Covid-19 hit in the middle of the tax-filing season, which led to the filing deadline being extended until July 15, 2020. This year, tax preparers and filers were looking forward to a more normal time until lawmakers added tax changes to the American Rescue Plan, which was signed into law by President Joe Biden on March 11.
nbcwashington.com
New $3,000 Child Tax Credit Could Raise Issues for Divorced Parents
Divorced parents have to navigate a lot of challenges, but there's a new issue looming on the horizon thanks to the $1.9 trillion American Rescue Plan: the child tax credit.
On Thursday, President Joe Biden signed into law the $1.9 trillion American Rescue Plan Act. The legislation will, among other things, increase the child tax credit to $3,000 per child ages 6 to 17 and $3,600 annually for children under 6 for the tax year 2021.
nbcwashington.com
5 Ways to Help Protect Yourself From Tax Scams This Year
The IRS identified $2.3 billion in tax fraud last year, and experts worry that the toll may be even higher this year as many Americans plan to file electronically for the first time.
About 63% of Americans plan to do their taxes online this year, according to McAfee's 2021 Consumer Security Mindset Report. Of those, about 12% will be filing their taxes online for the first time.
nbcwashington.com
Stimulus Checks Could Start Hitting Bank Accounts This Weekend, White House Says
Some Americans will receive new coronavirus stimulus checks as soon as this weekend, the White House said Thursday.
The news from White House press secretary Jen Psaki came minutes after President Joe Biden signed the $1.9 trillion Covid relief bill.
nbcwashington.com