The Internal Revenue Service says it’s not done issuing refunds for tax paid on COVID unemployment benefits. Another 1.5 million taxpayers are now slated to get refunds averaging over $1,600 as part of the IRS adjustment process in the wake of recent legislation.…
Read more about More Unemployment Tax Refunds Coming, IRS Says
Drake Software for the third year in a row surveyed tax professionals about their experience during filing season. More than 3,000 respondents completed the survey, a group comprised of attorneys, CPAs, EAs, and non-credentialed preparers.…
Read more about Drake Software How Did Your 2021 Filing Season Go? Infographic
The loss of health insurance is a major concern for the millions of Americans who have filed for unemployment throughout the pandemic. While COBRA continuation coverage can help bridge the gap between jobs, former employers generally are not required to pay part of the premiums—meaning some beneficiaries have to foot the entire bill for their insurance.…
Read more about IRS Notice Includes Guidance for COBRA Premium Assistance
Employees of three federal agencies are keeping very busy these days, sending out the millions of Economic Impact Payments (EIPs) to Americans in need.…
Read more about More Than 130 Million EIPs Have Been Sent Out with More to Come
Major tax legislation usually causes a period of confusion as taxpayers and tax professionals wait for official guidance on complex provisions. The American Rescue Plan Act of 2021 is no different.…
Read more about Consider Amending Returns That Didn’t Take Unemployment Compensation Exclusion
The sweeping American Rescue Plan Act of 2021 may have greenlit the third round of economic impact payments, but it also includes changes to several tax credits—many of which were designed to provide relief to struggling Americans whose finances took a hit during the pandemic. One of those affected tax credits helps both employees and businesses: the employee retention credit, or ERC.…
Read more about Employee Retention Credit Updated by the American Rescue Plan
Much like last year, the 2021 filing season has been characterized by challenges. The season started later than usual, tax professionals and taxpayers continue to manage pandemic safety precautions, and guidance is pending for the retroactive tax law changes included in the American Rescue Plan Act of 2021 that President Biden signed into law last week.…
It won’t be long before Americans start seeing the third round of Economic Impact Payments—also known as EIP3—showing up in their bank accounts and mailboxes.…
Read more about IRS Now Sending Out Third Round of Economic Impact Payments
