Coronavirus Archives - Page 2 of 23

COVID Tax Relief: IRS Provides Broad-Based Penalty Relief for Certain 2019 and 2020 Returns Due to the Pandemic; $1.2 Billion in Penalties Being Refunded to 1.6 million Taxpayers
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COVID Tax Relief: IRS Provides Broad-Based Penalty Relief for Certain 2019 and 2020 Returns Due to the Pandemic; $1.2 Billion in Penalties Being Refunded to 1.6 million Taxpayers

Coronavirus, IRS, Personal Finance, Personal Taxes, Tax Refunds, Tax Relief, Tax Tips, Taxes

COVID Tax Relief: IRS Provides Broad-Based Penalty Relief for Certain 2019 and 2020 Returns Due to the Pandemic; $1.2 Billion in Penalties Being Refunded to 1.6 million Taxpayers

This article was published by the IRS. To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service has issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also taking an additional step to help those who paid these penalties [...]

cozbycpa2022-09-07T12:13:01-04:00September 7th, 2022|Categories: Coronavirus, IRS, Personal Finance, Personal Taxes, Tax Refunds, Tax Relief, Tax Tips, Taxes|Tags: broad-based COVID penalty relief, COVID tax relief, Cozby & Company, CPA Heather Cozby, IRS penalty relief, refunded tax penalties, tax penalties due to COVID to be refunded, tax preparers in Cape Cod|

COVID Relief: IRS Helps Employers Wanting to Rehire Retirees or Retain Employees after Retirement Age

This article was published by the IRS. To help address COVID-related labor shortages, the Internal Revenue Service is reminding employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan's normal [...]

cozbycpa2022-08-31T10:12:50-04:00August 31st, 2022|Categories: Coronavirus, Corporate Taxes, IRS, Retirement, Self-Employed, Small Business, Taxes|Tags: COVID relief, COVID-related labor shortages, Cozby & Company, CPA Heather Cozby, employers who want to rehire retirees or retain employees after retirement age, good accountants in Plymouth MA|

For the First Time, Maximum Educator Expense Deduction Rises to $300 in 2022

This article was published by the IRS. The Internal Revenue Service is reminding teachers and other educators planning ahead that they'll be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year. This is the first time the annual limit has increased since the special educator [...]

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

Coronavirus, Corporate Taxes, IRS, Personal Taxes, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Tax Relief, Tax Tips, Taxes

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

Coronavirus, Corporate Taxes, Employee Retention Payroll Tax Credit, IRS, Tax Credits, Tax Relief, Tax Tips, Taxes

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), [...]

cozbycpa2022-05-04T12:05:14-04:00May 4th, 2022|Categories: Coronavirus, Corporate Taxes, Employee Retention Payroll Tax Credit, IRS, Tax Credits, Tax Relief, Tax Tips, Taxes|Tags: Cozby & Company, CPA Heather Cozby, good accountants in Plymouth MA, IRS penalty relief page, IRS' first-time penalty abatement program, penalty relief related to claims for the Employee Retention Credit|