This tax season, like so many before, a lot of filers could use a little extra time to get the job done. And while it’s true that anyone can request an extension of time to file beyond this year’s May 17 deadline, some taxpayers don’t even have to ask in order to...
The Internal Revenue Service has kept taxpayers’ mailboxes busy for months now, sending out notices to taxpayers about the various Economic Impact Payments that have been issued. The agency was required to mail a notice to the last known address of each Economic...
The Internal Revenue Service has released guidance for changes to the Child Tax Credit, Earned Income Credit, and application percentage table (APT) that were included in the American Rescue Plan Act of 2021 (ARPA). The APT table is used to calculate a taxpayer’s...
The early bird gets the worm. We’re taught that punctuality and working ahead leads to success. While generally holding true, there are obviously some exceptions—like when Congress passes retroactive tax law changes a month after Americans start filing their returns....
The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers—even certain governmental employers—to claim tax credits that reimburse the cost of providing paid sick and family leave related to COVID-19 to their workers. The refundable credits can...
