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Tax News
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Employers Get Tax Credits for Allowing Employees Time Off to Get Vaccines Starting April 1, 2021
The American Rescue Plan Act of 2021 (the “ARP”) offers self-employed individuals and employers with fewer than 500 employees a new tax credit for paid time off to get vaccinated or to accompany another beginning on April 1, 2021 through September 30, 2021. An Eligible Employer may claim a fully refundable tax credit equal to […]
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2021 FEDERAL TAX FILING DEADLINES EXTENDED
IRS reminded taxpayers (IR 2021-114) that the deadline for filing most individual income tax returns this year, except as noted below, was May 17, 2021. It encouraged taxpayers to file electronically for faster and more accurate processing of their federal returns. It also reminded them that they can request an extension of time to file, […]
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DEDUCTING 2021 FREEZE DAMAGE ON YOUR 2020 TAX RETURN
The February 13–17, 2021 North American winter storm, unofficially referred to as Winter Storm Uri, was a major winter and ice storm that had widespread impacts across the United States, Northern Mexico, and parts of Canada. Over 9.9 million people in Texas alone suffered blackouts, little or no water, and burst pipes due to Winter […]
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IRS CHANGES HOW UNEMPLOYMENT INCOME IS TAXED
The IRS has changed the tax treatment of the New Exclusion of up to $10,200 of Unemployment Compensation guidance. Its original guidance included unemployment income in adjusted gross income when calculating the $150,000 modified adjusted gross income (MAGI) limitation. On March 23, 2021, the IRS updated its instructions for the unemployment compensation exclusion worksheet and […]
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