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 [...]
Families of 88 Percent of Children in the U.S. to Automatically Receive Monthly Payment of Refundable Child Tax Credit
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 [...]
New Law Provides Additional Flexibility for Health FSAs and Dependent Care Assistance Programs GalleryCoronavirus, Corporate Taxes, FSA, Health Care, HSA, IRS, Personal Finance, Personal Taxes, Tax Relief, Taxes
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 [...]
We hope you and yours enjoyed celebrating July 4 yesterday, and will continue to be safe and happy today as you observe the official holiday! Here is a short look back at how the first July 4 came into existence, as well as how our freedoms have continued to evolve throughout the years.