This article was published by the IRS. To give people a needed temporary financial boost, the Coronavirus, Aid, Relief and Economic Security Act allowed employers to defer payment of the employer's share of Social Security tax. IRS Notice 2020-65 allowed employers to defer withholding and payment of the employee's Social Security taxes on certain wages paid [...]
If a heavy highway vehicle is registered in your name, mark August 31 on your calendar. That’s the deadline to file Form 2290, Heavy Highway Vehicle Use Tax Return. Here are a few other things to remember about this form: The heavy highway vehicle use tax applies to highway motor vehicles with a taxable gross weight [...]
This article was published by the IRS. The Internal Revenue Service and the U.S. Department of the Treasury have announced that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88% of children in the [...]
Do you own a vacation home you sometimes rent to others? If so, there are rules on reporting your rental income and expenses. For example, if you rent out your vacation home only for a short time (fewer than 15 days a year), you may not have to report it at all. That means generally, if [...]
This article was published by the IRS. The Internal Revenue Service is providing greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under the COVID-related Taxpayer Certainty and Disaster Tax Relief Act of 2020, these plans now have additional discretion in 2021 and 2022 [...]
