The IRS has updated its Child Tax Credit Update Portal to allow taxpayers to update their bank account information in order to receive their monthly Child Tax Credit payments. According to the IRS website: The bank account update feature was added to the Child Tax Credit Update Portal, available only on IRS.gov. Any updates made by …
Standard Mileage Rates Revised for 2021
The IRS has released the 2021 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The following chart reflects the new 2021 standard mileage rates compared to the 2019 and 2020 tax year standard mileage rates. Business Purpose 2021 2020 …
What You Need to Know About the Consolidated Appropriations Act 2021
You have probably heard by now that the new law passed is almost 5,600 pages and covers funding the government as well as many tax provisions. This post is meant to cover Unemployment, recovery rebates, the Payroll Protection Program, Economic Injury Disaster Loans, and payroll sick and family leave. Subscribe to our newsletter so you …
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The U.S. Senate has shared the legislative text for the COVID-19 emergency relief bills including additions for PPP and EIDL Funding.
This is a summary of the portions that relate to PPP and EIDL Funding. $300 billion to Small Business Administration Funding to allow to allow the hardest-hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan. Eligibility would be limited to small businesses with 300 or fewer employees that have sustained a …
IRS Issues Guidance On Disallowance Of Deductions For Forgiveness
The Paycheck Protection Program was the centerpiece of the CARES Act, providing loans to businesses of up to $10M. Compliance with this meant that loads did not have to be paid back. Also, there is no forgiveness of debt income when a loan is forgiven, something that normally is a standard tax result from a …
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What You Need to Know About The Remaining Estimated Tax Payment in 2020
Don’t forget: if you pay estimated #taxes, your third quarter payment is due today, Sept. 15.* Our tax system is pay-as-you-earn. That’s typically done by an employer withholding from an employee’s wages. But when there’s no per-paycheck tax collection system in place, say for business owners paying themselves, the payment responsibility falls on the person …
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COVID-19 – Tax Return Filing & Payment Relief
Does the deadline postponement apply to return filing and payments? Yes. Both the filing and payment deadlines have been automatically postponed from April 15, 2020, to July 15, 2020, for individuals, trusts, estates, corporations, or any type of unincorporated business entity. Interest and penalties will begin to accrue after July 15. Do taxpayers need to file any additional …
How to Postpone or Cancel IRS Direct Debits
Due to the economic impact, the Coronavirus (COVID-19) has on small business owners, Treasury Secretary Steven Mnuchin has announced that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15. If you have already scheduled a direct debit for your tax payment, follow the instructions below to …