Treasury, IRS Provide Guidance on Tax Relief for Deductions for Food or Beverages from Restaurants

This article was published by the IRS. Reminder that businesses can temporarily deduct 100% beginning January 1, 2021 This is a reminder that the Treasury Department and the Internal Revenue Service have issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% [...]

IRS Reminds Employers of Penalty Relief Related to Claims for the Employee Retention Credit

This article was published by the IRS. The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the amount of a retroactively claimed employee retention tax credit (ERTC), [...]

IRS Dispels New and Common Myths about Tax Refunds

This article was published by the IRS. With the April 18 tax-filing deadline closing in for most taxpayers, the Internal Revenue Service wants to dispel some new and common myths about getting refund details or speeding up tax refunds. A number of these myths circulate on social media every tax season. The IRS continues to process [...]

IRS Issues Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit

This article was published by the IRS. The Internal Revenue Service has issued frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit. Individuals who did not qualify for, or did not receive, the full amount of the third Economic Impact Payment may be eligible to claim the 2021 Recovery Rebate Credit based on their 2021 [...]

How Self-Employed Individuals and Household Employers Repay Deferred Social Security Tax

This article was published by the IRS. The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax was due by December 31, 2021, [...]

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