The IRS began issuing refunds last week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan Act (ARPA) of 2021 later excluded from taxable income. Learn more from @IntuitAccts.
A new safe harbor in Rev. Proc. 2021-20 allows taxpayers who filed a tax year 2020 return on or before Dec. 27, 2020, to deduct their #PPP expenses on their 2021 tax return rather than file amended returns or administrative adjustment requests. @AICPA_JofA
In a memorandum dated April 15, 2021, the IRS announced it was extending the authorization to electronically sign a large number of IRS forms until Dec. 31, 2021, and adding a number of new forms. See the full list from @AICPA_JofA in this article.
More than half of Americans (57%) have felt at least some stress over their financial situation since early 2020. As we emerge from the pandemic, Americans should learn from the past. Learn more in this opinion piece from @AICPA_JofA.
The IRS recently issued adjusted amounts for the updated child tax credit (CTC), the earned income tax credit (EITC), and the premium tax credit (PTC) for 2021, to reflect changes enacted in the American Rescue Plan Act of 2021. #ARPA @AICPA_JofA
The IRS released guidance recently explaining when the temporary 100% deduction in 2021 for restaurant meals is available and when the 50% limitation still applies. Get the scoop on @AICPA_JofA.
The #COVID19 pandemic has accelerated the rate at which accounting firms need to integrate technology into their daily practice. @IanKhanFuturist looks at these tools in this article on @AccountingWEB.
