The IRS has provided guidance to employers claiming the employee retention credit (ERC) for 2021. In Notice 2021-23, the IRS explains how employers can determine their eligibility for, and the amount of, the ERC...

Read more

The IRS has a new warning for university students and staff, as well as anyone with “.edu” in their email addresses. Email addresses associated with education institutions are the primary target of an IRS-impersonation...

Read more

A new report, presented at a U.S. Senate Committee on Financing hearing, describes present-law and prior-law tax incentives for domestic manufacturers. The report (JCX-15-21) details current rules relating to depreciation, including certain first-year expensing...

Read more

For tax purposes, unemployment compensation (UC) generally is included in gross income. Under the American Rescue Plan Act (ARPA), for tax years beginning in 2020, taxpayers with adjusted gross income (AGI) under $150,000 may...

Read more

Stay vigilant: The IRS is urging taxpayers to keep practicing smart financial information habits by securing their computers, phones and other devices. Be aware that criminals often use the IRS as a lure to...

Read more

Have you participated in your employer’s qualified transportation fringe benefit plan and have a balance remaining on your transit pass because you no longer use it to commute to work due to the COVID-19...

Read more

When filing your tax return, is it better to take the standard deduction or claim itemized deductions? It depends. The standard deduction changes yearly and is based on filing status and age. Itemizing requires...

Read more