Just when Americans think they understand how to calculate their income taxes – the rules evolve again. That’s happening now as President Joe Biden has proposed a number of tax changes as part of his American Families Plan. Just how those changes might play out for any specific individual remains a work in progress, though. “There is still time for plenty of wrangling in … [More]
More than 2.3M Additional Economic Impact Payments Disbursed under the American Rescue Plan, Total Payments Top 169M
The Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced today they have disbursed more than 2.3 million additional Economic Impact Payments under the American Rescue Plan. Today's announcement covering the most recent two weeks of the effort brings the total disbursed so far to more than 169 million … [More]
Deadline Today for Individual Income Tax Returns: Extensions, Other Help Available
The Internal Revenue Service reminds taxpayers that the deadline for filing most individual income tax returns this year is May 17. The agency also wants taxpayers who have yet to file their tax returns to know that there are a variety of options available to help them. IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, … [More]
IRS Provides Guidance on Tax Relief for Deductions for Food or Beverages From Restaurants
The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 PDF providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages from … [More]
Arizona Extends Individual Income Tax Filing Deadline
Governor Doug Ducey signed legislation to extend the state individual income tax filing deadline from Thursday, April 15 to Monday, May 17 to match the federal government’s decision to extend its filing deadline. “Our economy is on the rise and jobs are growing, but Arizonans throughout the state have still felt the economic impact of the pandemic,” said Governor Ducey. … [More]
Face Masks and Other Personal Protective Equipment to Prevent the Spread of COVID-19 Are Tax Deductible
The Internal Revenue Service issued Announcement 2021-7 PDF today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment are also eligible to be paid … [More]