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IRS explains which meals qualify for temporary 100% expense deduction

Posted by: Zaher Fallahi

IRS explains which meals qualify for temporary 100% expense deduction Source: AICPA Journal of Accountancy The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25). Under Sec. […]

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IRS to recalculate taxes on unemployment benefits; refunds to start in May 2021

Posted by: Zaher Fallahi

IRS to recalculate taxes on unemployment benefits; refunds to start in May 2021 Source; IRS 2021-71, March 31, 2021 WASHINGTON — To help taxpayers, the Internal Revenue Service (IRS) announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before […]

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IRS Criminal Investigation (CI) pledges continued commitment to investigating COVID-19 fraud as CARES Act reaches one-year anniversary

Posted by: Zaher Fallahi

IRS Criminal Investigation (CI) pledges continued commitment to investigating COVID-19 fraud as CARES Act reaches one-year anniversary IR-2021-65, March 25, 2021 WASHINGTON — The Internal Revenue Service’s Criminal Investigation Division (IRS-CI) marks the one-year anniversary of the Coronavirus Aid, Relief and Economic Security (CARES) Act by pledging its continued commitment to investigating COVID-19 fraud. Over […]

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Tax Time Guide: Use the ‘Where’s My Refund?’ tool or IRS2Go app to check tax refund status

Posted by: Zaher Fallahi

IRS:  IR-2021-60   March 18, 2021 Tax Time Guide: Use the ‘Where’s My Refund?’ tool or IRS2Go app to check tax refund status WASHINGTON — The Internal Revenue Service today reminds taxpayers that the most convenient way to check on a tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile […]

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Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline

Posted by: Zaher Fallahi

IRS: IR-2021-59 Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The […]

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2021 Economic Impact Payment Information Available on Get My Payment

Posted by: Zaher Fallahi

2021 Economic Impact Payment Information Available on Get My Payment You can now check the status of your 2021 Economic Impact Payment in the Get My Payment tool. All first and second Economic Impact Payments have been sent and will no longer appear in Get My Payment. If you didn’t get a first or second  payment or […]

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New Exclusion of up to $10,200 of Unemployment Compensation

Posted by: Zaher Fallahi

New Exclusion of up to $10,200 of Unemployment Compensation According to the IRS, if your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020. This means you do not have to pay tax on […]

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IRS begins delivering third round of Economic Impact Payments to Americans

Posted by: Zaher Fallahi

Source: IRS IR-2021-54 IRS begins delivering third round of Economic Impact Payments to Americans WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by […]

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New Coronavirus Stimulus Signed into Law, Includes Tax Breaks for Individuals

Posted by: Zaher Fallahi

New Coronavirus Stimulus Signed into Law, Includes Tax Breaks for Individuals President Biden has signed into law the new economic relief package passed by the House of Representatives and Senate on Wednesday. The American Rescue Plan (ARP) Act provides a wide array of tax-related benefits for individuals. Following is a brief … Source: Ken Berry, […]

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Tips to help people choose a reputable tax preparer ( Tax Attorney, CPA and EA)

Posted by: Zaher Fallahi

IRS: Tax Tip 2020-14 Tips to help people choose a reputable tax preparer ( Tax Attorney, CPA and EA) Whether taxpayers regularly use a tax professional to help them file a tax return or they have decided to work with one for the first time, it is important to choose a tax return preparer wisely. Taxpayers […]

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