IRS Updates

Child Tax Credit Payments: What You Need to Know

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, yet you need to understand the implications and why advance payments might not make sense for your household even if you qualify for them.

Child Tax Credit Payments: What You Need to Know2023-12-12T06:27:46+00:00

Restaurant Revitalization Fund Opening May ’21

The COVID-19 pandemic put undue stress on the restaurant and hospitality industries, forcing many in the food and drink industry to shutter their doors and count their losses. The last year has forced legislators to address the economic strife of restaurant operators and owners with several rounds of pandemic relief aid and funds, the most recent of which being the Restaurant Revitalization Fund (RRF).

Restaurant Revitalization Fund Opening May ’212023-12-12T06:11:54+00:00

TAX NEWS: IRS Extends 2020 Individual Federal Income Tax Deadline

The IRS is delaying the federal income tax filing deadline for individuals for the 2020 tax year until May 17, 2021. While we are waiting on formal guidance from the IRS in the coming days, here's what we know:

TAX NEWS: IRS Extends 2020 Individual Federal Income Tax Deadline2023-12-11T11:20:48+00:00

Newest Updates to the Paycheck Protection Program

The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night, December 21, which provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, provides more than $300 billion in aid for small businesses, and contains several provisions related to the Paycheck Protection Program (PPP). The legislation was signed into law on December 27, 2020. Read more in depth about the other non-PPP related key provisions in our blog, “New Pandemic Relief: What You Need to Know.”

Newest Updates to the Paycheck Protection Program2023-12-11T11:46:01+00:00

New Pandemic Relief: What You Need to Know

Congressional leaders and the White House have agreed on the next round of COVID-19 relief legislation. After months of waiting and last-minute negotiations, the 2021 Consolidated Appropriations Act was introduced on December 21, 2020 and was signed into law on December 27, 2020.

New Pandemic Relief: What You Need to Know2023-12-11T11:46:59+00:00

IRS Issues Guidance on Payroll Tax Deferral

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August.

IRS Issues Guidance on Payroll Tax Deferral2023-12-12T07:03:30+00:00

Should You Skip Your Required Minimum Distribution for 2020?

Following a new provision of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Internal Revenue Service (IRS) made an announcement on June 23, 2020 regarding a waiver of Required Minimum Distribution (RMD) for certain retirement accounts in 2020. See our previous post on this topic here.

Should You Skip Your Required Minimum Distribution for 2020?2023-12-12T06:46:18+00:00

CARES Act Updates to Required Minimum Distributions

According to an announcement by the Internal Revenue Service (IRS) on June 23, 2020, anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts can now roll those funds back into a retirement account following the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) RMD waiver for 2020.

CARES Act Updates to Required Minimum Distributions2023-11-09T11:42:55+00:00
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