President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion […]
The IRS has released its 2021 Collection Financial Standards. These standards are used to determine the ability of a taxpayer to pay a delinquent tax debt. They’re effective for an […]
The pandemic caused many people to be unable to use the money set aside in their dependent care assistance programs in 2020 and 2021. In general under these plans, an […]
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, […]
The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about […]
The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. The […]
The third round of Economic Impact Payments continues to roll out. Eligible recipients will receive up to $1,400 per person, including for all dependents claimed on their tax returns, even […]
The IRS could “more effectively” prioritize high income taxpayers who owe delinquent taxes, according to one report. The Treasury Inspector General for Tax Administration (TIGTA) found that in past audits, […]
The IRS has resumed a program under which the U.S. State Department can revoke taxpayers’ passports. Having a “seriously delinquent tax debt” is (unless an exception applies) grounds for denial, […]
In late January, the IRS updated Notice 2020-65. It provides guidance regarding an executive memorandum signed last summer that allowed employers to defer the withholding, deposit and payment of certain payroll […]