Guidance for Employers Claiming the Employee Retention Credit for First Two Quarters of 2021

This article was published by the IRS. The IRS has issued guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). Notice 2021-23 explains the changes to the Employee Retention Credit for the [...]

New Law Extends COVID Tax Credit for Employers Who Keep Workers on Payroll

This article was published by the IRS.  The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, [...]

How to Manage Stimulus Money

Many have started receiving their stimulus checks over the past few days, while others are about to get them any day now. But what should you do with the money once you get it? In the current state of uncertainty with this pandemic, financial experts suggest first taking care of your bills, putting food on the [...]

Special $300 Tax Deduction Helps Most People Give to Charity This Year – Even If They Don’t Itemize

This article was published by the IRS. The Internal Revenue Service is reminding taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Following special tax law changes made earlier this year, cash donations of up to $300 made before December 31, [...]

Unemployment Compensation is Taxable

This article was published by the IRS.  With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service is reminding people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal [...]

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