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πŒπŽπ‘π„ 𝐑𝐄𝐅𝐔𝐍𝐃𝐒 𝐟𝐨𝐫 π”ππ„πŒππ‹πŽπ˜πŒπ„ππ“ π‚πŽπŒππ„ππ’π€π“πˆπŽπ πŽπ•π„π‘ππ€π˜πŒπ„ππ“π’ (πŸ•/𝟐𝟏/𝟐𝟎𝟐𝟏)

The IRS is issuing another round of refunds to nearly 4 million taxpayers who overpaid their taxes on unemployment compensation received last year. The American Rescue Plan Act of 2021 excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations. The exclusion applied to individuals and married couples whose modified adjusted gross income […]

𝐍𝐉 π’πŒπ€π‹π‹ ππ”π’πˆππ„π’π’ π‹πŽπ€ππ’ 𝐏𝐇𝐀𝐒𝐄-𝟐 π‘π„π†πˆπ’π“π‘π€π“πˆπŽπ (πŸ•/πŸπŸ—/𝟐𝟎𝟐𝟏)

The NJ Small Business Emergency Assistance Loan Program provides direct financing of up to $100,000 to New Jersey-based businesses and nonprofits that have been negatively impacted by the COVID-19 pandemic. Pre-registration for the Small Business Emergency Assistance Loan Program (Phase 2) will be open from 9:00 a.m. on Tuesday, July 20th, 2021 through 5:00 p.m. […]

π‘π„ππ“πˆππ† πŽπ”π“ 𝐚 π•π€π‚π€π“πˆπŽπ π‡πŽπŒπ„ (πŸ•/πŸπŸ’/𝟐𝟎𝟐𝟏)

If you’re renting out a vacation home, plenty of tax rules apply. Rules exist for reporting income, expenses and tracking the days the unit is rented out. A short IRS video gives a quick summary of the rules at https://www.youtube.com/watch?v=oEMKRVBTBJ0 IRS Publication 527 details the more complete rules for residential rental property at https://www.irs.gov/publications/p527#en_US_2020_publink1000219175 If […]

πˆπ‘π’ 𝐖𝐀𝐑𝐍𝐒 π€ππŽπ”π“ π€ππ”π’πˆπ•π„ 𝐓𝐀𝐗 π’π‚π€πŒπ’ (πŸ•/𝟏𝟐/𝟐𝟎𝟐𝟏)

The IRS warns people to be on the lookout for promoters who peddle false hopes of large tax deductions from abusive arrangements. These “deals” are generally marketed by unscrupulous promoters who make false claims about their legitimacy and charge high fees to boot. These aggressively marketed abusive arrangements include the following: β€’ Syndicated conservation easements […]

𝐓𝐀𝐗 π‚π‘π„πƒπˆπ“π’ 𝐟𝐨𝐫 ππ€πˆπƒ 𝐋𝐄𝐀𝐕𝐄 𝐀𝐅𝐓𝐄𝐑 πŸ‘/πŸ‘πŸ/𝟐𝟎𝟐𝟏 (πŸ•/πŸ–/𝟐𝟎𝟐𝟏)

Tax credits are available for employers with fewer than 500 employees and certain governmental employers without regard to the number of employees (“Eligible Employers”) for qualified sick and family leave wages (“qualified leave wages”) paid with respect to leave taken by employees beginning on April 1, 2021, through September 30, 2021. Equivalent credits are available […]

𝐋𝐄𝐀𝐕𝐄-𝐁𝐀𝐒𝐄𝐃 πƒπŽππ€π“πˆπŽπ ππ‘πŽπ†π‘π€πŒ ππ„ππ„π…πˆπ“π’ 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 (πŸ•/πŸ”/𝟐𝟎𝟐𝟏)

The IRS has extended the tax relief for calendar year 2021 for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic. Cash payments employers make to charitable organizations that provide relief to victims of the COVID-19 pandemic in exchange for sick, vacation or personal leave which their employees forgo will […]

𝐅𝐄𝐃𝐄𝐑𝐀𝐋 𝐑𝐄𝐒𝐄𝐑𝐕𝐄 𝐄𝐗𝐓𝐄𝐍𝐃𝐒 ππ€π˜π‚π‡π„π‚πŠ ππ‘πŽπ“π„π‚π“πˆπŽπ ππ‘πŽπ†π‘π€πŒ π‹πˆππ”πˆπƒπˆπ“π˜ π…π€π‚πˆπ‹πˆπ“π˜ (πŸ”/πŸ‘πŸŽ/𝟐𝟎𝟐𝟏)

The Federal Reserve Board is extending, for a final time, its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. The extension allows additional processing time for banks, community development financial institutions, and other financial institutions to pledge to the facility any Paycheck Protection Program, or PPP, loans approved […]

πˆπ‘π’ 𝐇𝐄𝐋𝐏 𝐭𝐨 πŒπ€ππ€π†π„ π‚π‡πˆπ‹πƒ 𝐓𝐀𝐗 π‚π‘π„πƒπˆπ“π’ (πŸ”/πŸπŸ–/𝟐𝟎𝟐𝟏)

The IRS has two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits under the American Rescue Plan. These two new tools are in addition to the Non-filer Sign-up Tool which helps families not normally required to file an income tax return to quickly register for […]

πˆπ‘π’ 𝐒𝐓𝐀𝐑𝐓𝐒 π‚πŽπ‹π‹π„π‚π“πˆπŽππ’ (πŸ”/πŸπŸ‘/𝟐𝟎𝟐𝟏)

The IRS is beginning collection activities again. Balance due Notices are generally automatically sent to taxpayers after the tax filing deadline to those the IRS believes has a tax bill. Beginning June 15, 2021, the IRS expects to begin following up with taxpayers who failed to respond to prior notices. Taxpayers (some with 2020 and/or […]

π’π„π‹π‹πˆππ† π˜πŽπ”π‘ π‡πŽπŒπ„ ? ππ”π˜πˆππ† 𝐓𝐀𝐗 𝐇𝐄𝐀𝐃𝐀𝐂𝐇𝐄𝐒 ? (πŸ”/πŸπŸ”/𝟐𝟎𝟐𝟏)

Selling your home triggers a number of tax issues. Below are some issues to be aware of. GAINS Taxpayers who sell their main home and have a gain from the sale may be able to exclude up to $250,000 of that gain from their income. Taxpayers who file a joint return with their spouse may […]