News / General Business
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Eligible Paycheck Protection Program expenses now deductible
Source: irs.gov - Jan 7, 2021 IR-2021-04, January 6, 2021 WASHINGTON — The Treasury Department and the Internal Revenue Service issued guidance PDF today allowing deductions for the payments of eligible expenses when such... Read more > Category: General Business |
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Guidance permits change in vehicle use valuation during pandemic
Source: journalofaccountancy.com - Jan 7, 2021 In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method (57.5 cents for 2020, 56 cents for 2021) for... Read more > Category: General Business |
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Netherlands To Introduce New Environmental Taxes
Source: tax-news.com - Jan 7, 2021 The Netherlands is to introduce a new tax on international flights starting on January 1, 2021. The measure was included in a recently approved package of tax changes for 2021. click source to... Read more > Category: General Business |
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IRS overlooks billions in potential taxes from nonfilers
Source: accountingtoday.com - Jan 6, 2021 The Internal Revenue Service hasn’t been pursuing cases involving hundreds of billions of dollars in income from individuals and businesses whose income has been showing up in Form 1099-K... Read more > Category: General Business |
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Furious TurboTax and H&R Block customers demand their $600 stimulus — IRS says some checks were sent to inactive bank accounts
Source: marketwatch.com - Jan 6, 2021 As 2021’s first week kicks off, funds from the second round of stimulus checks are starting to become available — but not necessarily for some H&R Block and TurboTax customers who are now... Read more > Category: General Business |
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Some taxpayers find relief payments sent to wrong account
Source: apnews.com - Jan 6, 2021 A number of taxpayers who use tax preparation services, such as H&R Block and TurboTax, say their second relief payments were sent to the incorrect bank account, forcing them to wait longer for... Read more > Category: General Business |
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Economic Impact Payments on their way, visit IRS.gov instead of calling
Source: irs.gov - Jan 6, 2021 IR-2021-01, January 4, 2021 WASHINGTON — The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather... Read more > Category: General Business |
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IRS issues standard mileage rates for 2021
Source: irs.gov - Jan 6, 2021 IR-2020-279, December 22, 2020 WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile... Read more > Category: General Business |
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Stimulus payments: Watch out for scams, and learn how to get your money if you didn't get a check in 2020
Source: uspirg.org - Jan 6, 2021 Some of your friends or relatives or co-workers likely received their stimulus payments in their bank accounts today. Did you? The federal government last week said payments of up to $600 per... Read more > Category: General Business |
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Besides PPP, there’s another forgivable loan program for small businesses thanks to the new stimulus bill
Source: inquirer.com - Jan 5, 2021 During the summer, I wrote about a little-known clause in the CARES Act that turned into a big savings for many small businesses that received loans from the Small Business Administration. That... Read more > Category: General Business |
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What we know about the new PPP loans for small businesses
Source: kcra.com - Jan 5, 2021 SACRAMENTO, Calif. — Small businesses struggling from the COVID-19 shutdowns are getting another round of financial help with the latest spending bill passed by Congress. Of the $900 billion... Read more > Category: General Business |
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Tax Season 2021: What You Need to Know
Source: daveramsey.com - Jan 5, 2021 If you’re like us, you probably never want to think about 2020 again. But there is one lingering ghost from last year that you need to get rid of before you can truly move on for good—and... Read more > Category: General Business |
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The Covid relief bill will keep these tax breaks around even longer
Source: cnbc.com - Jan 5, 2021 Taxpayers will have another shot at a package of tax breaks that would have otherwise expired at the end of 2020. That’s because when lawmakers hammered out the 5,593-page Covid relief act, they... Read more > Category: General Business |
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9 Oddball Tax Deductions Turbotax compiled the weirdest tax deductions allowed, from pet food to a trip to Bermuda to (we're not kidding) a girlfriend.
Source: thestreet.com - Jan 4, 2021 Can I deduct...? Admit it. As you've worked on your tax return and considered what might count as a deduction, you've taken a few flights of fancy. "Can I claim a deduction for all those blood... Read more > Category: General Business |
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Four Important Employer Tax Credits for 2020
Source: cpapracticeadvisor.com - Jan 4, 2021 As 2020 draws to a close—finally—employers may take advantage of several tax credits for employee wages. Consider these four tax-saving opportunities created by recent tax legislation. 1.... Read more > Category: General Business |
