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Eligible people can claim Recovery Rebate Credit

WASHINGTON – The IRS announced today that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season. Beginning in April…
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2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic

WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start date for individual…
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Existing Home Sales Rose 0.7% in December, Annual Sales Highest Since 2006

Existing-home sales rose in December, with home sales in 2020 reaching their highest level since 2006, according to the National Association of Realtors. Activity in the major regions was mixed on a month-over-month basis, but each of the four…
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Small Business Optimism Persists, Despite the Pandemic

Businesses and consumers alike are finding ways to adapt and stay resilient during these unprecedented times. Though recovery may take time, a new report confirms the strength of entrepreneurialism and grit of small business owners, who remain…
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IRS expands Identity Protection PIN Opt-In Program to taxpayers nationwide

WASHINGTON — As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their…
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IRS Criminal Division Identified $2.3 Billion in Tax Fraud in 2020

Key focuses of CI in fiscal year 2020 included COVID-19 related fraud, cybercrimes, with an emphasis on virtual and cryptocurrencies, traditional tax investigations, international tax enforcement, employment tax, refund fraud and tax-related…
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IRS Reminds Taxpayers of Special $300 Charity Deduction without Itemizing

The CARES Act includes several temporary tax changes helping charities, including the special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their deductions. The Internal Revenue…
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IRS provides tax inflation adjustments for tax year 2021

WASHINGTON — The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details…
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68% of Businesses Plan to Rehire Laid Off Staff within 6 Months

According to a new survey, close to 70 percent of organizations who have furloughed or laid off employees during the COVID-19 pandemic will back-fill roles that were eliminated (68%), even with hiring freezes (40%) being the most important cost…