The Internal Revenue Service yesterday released a COVID Tax Tip highlighting guidance for employers who deferred payment of their employee’s 2020 Social Security tax. Initially described by legislators as a “payroll tax holiday,” the agency reminds participating employers that they still have to pay deferred employee Social Security tax by the new deadlines.…

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The Internal Revenue Service says its interest rates will hold at previous levels for the second quarter of 2021.…

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Congress bookended 2020 with two taxpayer relief packages aimed at mitigating the financial strain caused by the ongoing coronavirus pandemic.…

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A status report from the IRS shows income tax returns are being filed at a much slower rate than last year. But unlike in 2020, an extension to the April 15 filing deadline is unclear.…

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The Internal Revenue Service has issued an alert covering amended returns and claims for the Domestic Production Activities Deduction, also known as DPAD.…

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Taxpayers with income from farming or fishing face a March 1 deadline for filing their income taxes. But the IRS reminds them they can avoid making any estimated tax payments by filing and paying their entire tax due on or before the deadline.…

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Unemployment claims may have fallen since the initial months of the pandemic, but millions of Americans continue to struggle with long-term joblessness and medical bills caused by the coronavirus.…

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Texas taxpayers impacted by this month’s brutal winter storms are getting some help from the Internal Revenue Service. The help includes extended deadlines and other relief measures.…

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The CPA Journal recently published the results of its “2020 Annual Survey of New York State Practitioners.” The survey asked more than 200 CPAs to answer questions about their practice, including how they would rate the tax preparation software and tax research software they used during the first filing season defined by the coronavirus pandemic.…

Read more about Drake Software Earns Highest Ratings in Survey of New York CPAs

Tax professionals across the country have undoubtedly served clients who lost health insurance due to layoffs, a reduction in work hours, or another issue stemming from the coronavirus pandemic. The one-two punch of reduced income and possible uninsured medical expenses can be devastating for these families.…

Read more about HealthCare.gov Special Enrollment Period Can Help Clients Get Insurance