Generally, unemployment compensation received under the unemployment compensation laws of the United States or a state is considered taxable income and must be reported on your federal tax return. However, a new tax break - in effect only for the 2020 tax year - lets...
On March 12, following the American Rescue Plan Act's approval and signing, the IRS began sending out the third round of Economic Impact Payments. Most payments were sent out via direct deposit, but approximately 150,000 checks were mailed by the Treasury Department...
Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let's take a look: Economic Impact Payments (EIP3). A third round of economic impact payments (EIP3) will be sent to qualifying...
The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing...
With the myriad of challenges and issues that businesses have had to navigate this past year, it can be easy to become distracted and lax with basic protocols and controls designed to mitigate losses due to theft and fraud. Historically, an increase in theft and fraud...
While many types of scams occur throughout the year, we generally see a spike in IRS scams during the primary filing season of January through April. IRS scams typically occur when an imposter pretending to work for the IRS contacts an individual by phone, e-mail, or...
A common issue we see taxpayers face is their ability to properly distinguish between a subcontractor and employee. Generally, employers must withhold income, Social Security, Medicare, and unemployment taxes on wages paid to an employee. However, if the individual is...