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
How to claim the employee retention credit for the first half of 2021
The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date.
journalofaccountancy.com
News
Mistakes on Your Tax Withholding Can Turn Your Refund Into a Costly Bill. Here's What You Need to Know
Your employer most likely sends a part of your paycheck to the IRS. Here’s what you need to know about tax withholding and your W-4 form.
nbcwashington.com
Do Gig Platform Workers Need New Tax Rules Now That Reporting To IRS Is Expanding?
Marie Sapirie writes that the deficiencies in the data the IRS has about platform workers will be dramatically shored up once expanded information reporting begins under the American Rescue Plan Act.
forbes.com
Details of the April 15 postponement and a primer on SVOG
What deadlines have been extended related to the PPP and tax filing? What deadlines haven’t? What grant program is about to open? Learn more in this podcast.
journalofaccountancy.com
Cancelled Loans? Careful, IRS May Say Its Taxable
In most cases, if you owe $500,000 to the bank, but the bank forgives it, it's as if the bank just handed you $500,000 and Uncle Sam wants his cut. In the tax world, COD is short for cancellation of debt, and that means taxes.
forbes.com
Covid Relief: The IRS Has Now Issued 156 Million Stimulus Payments Worth $372 Billion
Payments for recipients of Veterans Affairs benefits will hit bank accounts on April 14.
forbes.com
Filing Taxes While Collecting Unemployment
A lot of families got a shock when they learned their unemployment benefits were taxable, but the new stimulus bill passed recently corrects some concerns.
nbcwashington.com