The IRS is reminding taxpayers that even though many federal tax deadlines were extended from April 15, 2021, to May 17, 2021, there are some April 15 tax deadlines still in effect. Among the April 15 deadlines that remain include paying first-quarter 2021 individual estimated taxes, filing calendar year 2020 trust and estate income tax […]

The IRS has updated its FAQs on higher education emergency grants to address questions related to the CARES Act. Enacted in 2020, it allows institutions of higher education to use certain funds to support students with expenses and financial needs related to the COVID-19 crisis. For example, the IRS explains that emergency financial aid grants […]

The IRS’s Get My Payment tool provides taxpayers with information about the status of their 2021 Economic Impact Payments. So, what information can you expect to receive when using the tool? Among other things, a payment status will inform you of whether your payment has been processed and whether it will be sent by direct […]

U.S. Secretary of the Treasury Janet Yellen has called for a global corporate minimum tax rate. “We’re working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom,” said Yellen. “Together, we can use [the minimum tax rate] to make sure that the global economy […]

The IRS has announced that the purchase of personal protective equipment (PPE), such as masks, hand sanitizer and sanitizing wipes, purchased for the primary purpose of preventing the spread of the COVID-19, is a deductible medical expense. Amounts paid by an individual taxpayer for PPE for use by the taxpayer, the taxpayer’s spouse or dependents […]

With many taxpayers working from home due to COVID-19, you may be wondering about the possibility of claiming home office deductions on your tax return. Unfortunately, employees aren’t currently eligible. However, self-employed homeowners and renters who are otherwise eligible can claim deductions. Deductible expenses include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent. Taxpayers […]

When filing your tax return, is it better to take the standard deduction or claim itemized deductions? It depends. The standard deduction changes yearly and is based on filing status and age. Itemizing requires more calculations but can save taxes if the total deductions exceed the standard deduction. Those most likely to benefit from itemizing […]

If your business accepts large cash transactions, you may have to report them to the IRS. Generally, a business that receives more than $10,000 in one cash transaction or related transactions must file Form 8300 (Report of Cash Payments over $10,000). Though many cash transactions are legitimate, information on Form 8300 can help the government […]