AMERICANS FILING TAX RETURNS QUICKLY
Americans filing tax returns quickly. Americans are not messing around this tax season. In just one week since the tax filing period opened on February 12th, the IRS received nearly 35 million individual tax returns, according to data released by the agency recently. The rush of returns far outpaces what the agency saw last year, […]
SHOULD YOU WAIT BEFORE FILING RETURN
Should you wait before filing return. Multiple tax breaks that are available should be looked at prior to filing your tax return, to take advantage of potential savings for taxpayers. Some of these came with the newly enacted American Rescue Plan, and should be studied prior to deciding if you want to file for an […]
THIRD STIMULUS WORTH ALOT TO FAMILIES
Third stimulus worth alot to families. With the American Rescue Bill now passed into law, it looks like the average family could receive up to $6300 in stimulus money, according to Elaine Maag, research associate at the Urban Brookings Tax Policy Center, who cited the center’s recent report. The relief bil, which includes another round […]
IRS DELIVERING THIRD ROUND OF STIMULUS
IRS delivering third round of stimulus. The Internal Revenue Service stated that the third round of Economic Impact Payments will begin reaching Americans over this next week. Following approval by the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as […]
CONSOLIDATED APPROPRIATIONS PART TWO
Consolidated appropriations part two. This is the second part of the Consolidated Appropriations Act, and the relevant tax provisions is contains. Section 276—Clarification of Tax Treatment of Forgiveness of Covered Loans. Under the CARES Act, the forgiveness of a PPP loan doe not give rise to taxable cancellation of debt income, or a loss attribute. […]
