At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), included clarifications regarding the original PPP loan program.
At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans).
You've probably heard that the IRS will be making millions of ''economic impact payments'' (also called ''recovery rebates'') in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020.
Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the "Act" or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which are part of the Consolidated Appropriations Act, 2021.
You've probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details.
The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic.
The IRS said Tuesday that on June 28 it will stop faxing tax transcripts to taxpayers, tax professionals, and third parties to protect against identity theft (IR-2019-101). The IRS will also stop mailing tax transcripts to third parties. The new policy covers individuals and businesses.
Last year, after pushback from taxpayers and tax professionals, the Internal Revenue Service (IRS) promised to revisit form W-4, Employee’s Withholding Allowance Certificate.
Buying or selling a home is one of the most significant financial transactions many individuals engage in.
The IRS on Friday issued final regulations (T.D. 9844) that implement the centralized partnership audit regime that now governs partnership audit procedures.
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