The following information reviews the Consolidated Appropriations Act, 2021 (CAA) and the American Rescue Plan Act of 2021 (ARP Act), passed to assist in dealing with the economic impacts of COVID-19. Source of Articles: NATPtax.com INDIVIDUAL TAXPAYERS: Economic Impact Payments The ARP Act provided a third economic impact payment [...]
Source: IRS.gov Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor and manage Child Tax Credit payments WASHINGTON — The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance [...]
Source: IRS.gov Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify [...]
Source: irs.gov - Issue Number: IR-2021-79 Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants Businesses can temporarily deduct 100% beginning Jan. 1, 2021 WASHINGTON – The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and [...]
The IRS announced they will begin accepting electronically filed tax returns on February 12th 2021. Here are some important reminders before you file. Source: IRS.gov Issue Number: IR-2021-23 Important reminders before filing 2020 tax returns WASHINGTON — Following an unpredictable year with many changes and challenges, the Internal Revenue Service today [...]
The 2020 tax filing season is underway. Every year, AFSG provides you with detailed checklists to help you stay organized and up to date on the current tax laws. Below are links to our 2020 checklists, worksheets, and virtual appointment options. The impact of COVID-19 on our lives, economy, laws, [...]
COVID-Related Tax Relief Acts On December 23, 2020, Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. COVIDTRA extends and modifies several provisions first enacted in the Coronavirus Aid, Relief, and Economic Security [...]
