It won’t be long before the Internal Revenue Service opens its gates and the filing season will be officially underway.…

Read more about Gathering Records Is the First Step in Tax Preparation

Taxpayers may be aware that the Families First Coronavirus Response Act (FFCRA) includes a refundable tax credit for eligible employers who provide COVID-related sick and family leave. What some might not know is that this credit is also available for self-employed individuals, and a new form from the Internal Revenue Service makes claiming it straightforward.…

Read more about IRS Unveils New Self-Employed Sick Leave and Family Leave Form

The Internal Revenue Service is reminding taxpayers that the best tax professionals are those who always sign the returns they’ve prepared.…

Read more about IRS Warns About Preparers Who Don't Sign Their Works

Since the Coronavirus pandemic began, we’ve heard a lot about front-line health care workers and their risks. Now we’ve come to know that teachers face risks of their own.…

Read more about Educators Can Now Deduct Expenses for COVID-19 PPE

Thanks to recent legislation, U.S. corporations can deduct up to 100% of their contributions to relief effort for a qualified disaster. They are also getting a break on how they have to document it.…

Read more about New Law Hikes Deduction Limit for Corporate Cash Contributions for Disaster Relief

The nation has been weathering nearly one million weekly initial unemployment claims since the beginning of the pandemic. For many qualifying Americans, unemployment insurance benefits are the only thing preventing food insecurity and homelessness while trying to find a new job. Unfortunately, some still have not received their benefits.…

Read more about Identity Thieves Targeting Unemployment Benefits, Warns IRS

Let’s face it: The COVID-19 pandemic has wreaked havoc for millions of American families. Above and beyond the human toll is the damage done to family finances as people try to keep their heads above the rising floodwaters of unexpected medical costs, job losses, and business closures.…

Read more about COVID and Retirement Funds: Options and Strategies

For some time now, Internal Revenue Service Commissioner Chuck Retting has been declaring 2021 as the year his agency transforms the user experience of the American taxpayer.…

Read more about IRS Creates New Position: Chief Taxpayer Experience Officer

Small and midsize companies have been particularly hard hit over the past year by COVID-19. And while those employers been stretched to their limits by paying out large sums for sick leave and family leave due to the pandemic, some help is available.…

Read more about Employers Can Get Tax Credits for Providing Required COVID-19 Paid Leave

The Department of Labor reported a staggering 75.9 million initial unemployment insurance benefits claims from January 5, 2020 to January 2, 2021. The number of weekly claims spiked in March, underscoring the devastating financial impact of the COVID-19 pandemic and creating millions of first-time unemployment recipients who might not realize that those benefits are taxable.…

Read more about Unemployment Recipients May Not Know Their Benefits Are Taxable