Entries by admin-wxc

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Treasury, IRS provide additional guidance to employers claiming the employee retention credit

WASHINGTON — The Treasury Department and the Internal Revenue Service today issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. Notice 2021-49 PDF amplifies […]

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IRS provides relief for certain employers claiming the Work Opportunity Tax Credit

WASHINGTON — The Internal Revenue Service today announced it is providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC). The WOTC is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment, including Designated […]

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2021 Tax Breaks for Self-Employed Business Vehicles

The new 2022 car and truck models will be in dealership showrooms soon. If you’re in the market for a vehicle for your self-employed business, don’t forget to factor taxes into the equation. Starting point: Generally, you can claim deductions for vehicle expenses as a self-employed taxpayer, but there are a few twists and turns along […]

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IRS: Families now receiving August Child Tax Credit payments

WASHINGTON — The Internal Revenue Service and the Treasury Department announced today that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of August as direct deposits begin posting in bank accounts and checks arrive in mailboxes. This second batch of advance monthly payments, worth about $15 […]

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Home Values Up 11.6% Over Last Year

Seemingly endless demand and low supply have driven record-breaking home value appreciation over the past year, Zillow’s latest Market Report shows. Data from April pushed the envelope even further: Annual home value growth for a typical U.S. home is 11.6%, the highest seen since 2005. Today’s rapid rise in prices may recall that of the mid-2000s, stoking […]

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IRS urges caution with email, social media and phones

WASHINGTON — The Internal Revenue Service today continues its “Dirty Dozen” scam series with a warning to taxpayers to watch out for unexpected schemes in the form of emails, text or social media messages and phone calls. Unscrupulous individuals seek to obtain personal information for the purpose of tax-related identity theft. Whether through a telephone call, text […]

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IRS release state-by-state data on third round of Economic Impact Payments

WASHINGTON — The Internal Revenue Service and the Treasury Department released information today detailing how many people in each state received the third round of Economic Impact Payments through early June. The new details, available at SOI Tax Stats – Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Statistics, are through June 3 and provide a look […]

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IRS sending more than 2.8 million refunds to those who already paid taxes

WASHINGTON —The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income. IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million […]

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Two Thirds of Small Business Fear Inflation Will Hurt Recovery

The Alignable Inflation Poll, conducted among 7,735 small business owners from 4/24/21 to 5/5/21, shows that more than two out of three small business owners (67%) are concerned that inflation will hurt their ability to recover. And 38% of small business owners say they’re “highly concerned” about inflation. A few weeks ago, many reported renewed […]