taxes, Update

What We Know So Far

The American Rescue Plan Act of 2021 created a unique situation to benefit families who are working to recover from the economic impact of the COVID-19 Pandemic. As with all new programs, there are lots of questions; add in the complicated nature of our tax code and the only answer you will get is, it depends. Here are the highlights,…

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taxes, Update

An Update from the Front Lines

The IRS has a page they keep updated and I just found this update from last Friday. I know we have several clients who have found themselves in this situation. https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue Filed an Individual Tax Return  (Form 1040) for tax year 2019 or tax year 2020, a Business Tax Return or an Amended Return (updated April 30, 2021) The IRS…

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CARES Act, Update, Withholding

Executive What?

Now that Congress is out of session for their summer vacation, the President left some notes for his Cabinet before he, too, left the White House. Leaving all politics aside, let’s dive in to the notes that were passed after class. Click on the title to read each item directly on the White House website: Executive Order on Fighting the…

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Update

Wrestling with Results

It has been a very interesting three weeks since the IRS opened the e-filing season. We are seeing varied results compared to last year and generally those results are less money coming back to clients as refunds. This causes a state of bewilderment and frustration to those who traditionally count on their refund for certain expenses. We understand that the…

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