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 Had a Backlog of Nearly 12 Million Paper Tax Returns by Christmas, Says Watchdog
The IRS had a backlog of almost 12 million paper tax returns from individuals and businesses as of Christmas 2020, according to a Treasury Inspector General for Tax Administration report issued Wednesday. That was a big jump from 2019. The Covid pandemic hobbled the agency's ability to sort through and process paper returns.
nbcwashington.com
IRS News
Where's my tax refund? How to track your payment from the IRS
It's a busy time for the IRS: In addition to delivering a third round of stimulus checks to millions of Americans, the agency is also mired in the months-long process of issuing tax refunds.
foxbusiness.com
IRS Extends This Year’s Tax Deadline To May 17
The Internal Revenue Service will extend this year’s April 15 tax filing deadline by about a month, the agency announced Wednesday, after scores of lawmakers urged the IRS to give Americans more time to deal with a raft of delays and tax code changes.
forbes.com
News
IRS Will Send Second Round Of Stimulus Payments This Week—Including Paper Checks And Debit Cards
The Internal Revenue Service announced Monday that it will begin sending out the second batch of $1,400 stimulus payments this week, this time via paper checks and prepaid debit cards sent through the mail as well as by direct deposit.
forbes.com
Tax filing postponement doesn't go far enough, AICPA says
The AICPA welcomed the IRS’s postponement of the April 15 income tax filing and payment deadline to May 17 but said the measure falls far short of needed taxpayer relief.
After IRS Commissioner Charles Rettig, in a congressional hearing Thursday, sought to justify the Service’s limited postponement, AICPA President and CEO Barry Melancon pushed back, arguing the limitation hurts small business owners and calling upon CPAs and others to ask their U.S. senators and representatives to intervene.
journalofaccountancy.com
How to Cut Your Income to Grab the $10,200 Unemployment Tax Break
The American Rescue Plan waives federal tax on up to $10,200 of unemployment benefits per person in 2020. The $1.9 trillion Covid relief bill limits the tax break to those with less than $150,000 in modified adjusted gross income.
nbcwashington.com
How IRS Taxes Lawsuit Settlements, Sometimes Twice
Anyone pursuing legal claims cares about taxes they may have to pay when they recover. Yet determining how a settlement will be taxed can be tricky. What’s more, in some cases the legal fees you pay to get a lawsuit settlement can't be deducted. Bizarrely, it can mean paying tax on 100%, even if 40% goes to your lawyer off the top.
forbes.com
From The Desk of Keith L. Jones, CPA
Book a NO COST NO OBLIGATION
Book a NO COST NO OBLIGATION consult with Keith Jones, CPA an IRS tax relief expert. He's been providing tax relief services to troubled taxpayers for years.
keithjonescpa.com