As giant retailers prepare to offer cheap at-home COVID-19 tests in the wake of President Biden’s new vaccine rules for employers, the Internal Revenue Service has sent a reminder that the cost of home testing for COVID-19 is an eligible medical expense. The cost can be paid or reimbursed under
The Internal Revenue Service’s strategy for examining claims for the Earned Income Tax Credit are falling short, with nearly one-fourth of EITC payments estimated to be wrong last year and the IRS focusing its efforts disproportionately on some Southern states. A new report, released Thursday by the Treasury Inspector General
The Small Business Administration is increasing the cap for COVID Economic Injury Disaster Loans from $500,000 to $2 million. Small businesses that have been hit by the pandemic will be able to apply for the increased loans immediately, the SBA said Thursday. The program is especially targeting hard-hit sectors of
The Internal Revenue Service warned Thursday of a programming issue that’s affecting business taxpayers who need transcripts for requesting COVID-19 employment tax relief. The problem affects transcripts requests for Form 941, the Employer’s Quarterly Federal Tax Return. Tax professionals have been filing amended versions of the Form 941 to help
Victims of Hurricane Ida in parts of New York and New Jersey now have until early January to file various federal individual and business returns and make tax payments. The relief, comparable to that provided last week to Ida victims in Louisiana, is for any area designated by the Federal
New guidance from the Internal Revenue Service gives language for employers to use on W-2s regarding qualified sick and family leave wages paid to employees for leave taken this year. The guidance, Notice 2021-53, provides model language to use as part of the “Instructions for Employee” for the W-2 or
Last week a young accountant called me asking if I could help him organize his time so he could get all his client work done while doing what is necessary to build a successful practice and allowing him to spend necessary and quality time with his growing family. We spoke
Senate Democrats are discussing a wider range of tax proposals than President Joe Biden has proposed, including levies on stock buybacks, carbon emissions and executive compensation, as part of a package of measures to help fund a ramping up in social spending. One idea is applying an excise tax on
The Internal Revenue Service has issued the special per diem rates that take effect Oct. 1, 2021, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. Notice 2021-52 includes the special transportation industry rate, the rate for the
The majority of trust-owned life insurance policies are managed by unskilled trustees. Even professionals such as accountants and attorneys who may serve as trustees are unaware of the numerous risks that life insurance policies carry. As a result, most policy owners are unknowingly overpaying every year, letting their policies edge