Update on 1040 Virtual Currency Question
On the 2020 Form 1040 we are required to answer this question: "At any time during [the prior year], did you receive, sell, send, exchange, or otherwise acquire any financial...
22 March, 2021
Author: Don Breckenridge
Big Increase in Child Tax Credit For 2021
An increased child tax credit is part of the March 2021 American Rescue Plan Act stimulus package. Even though the benefit of a tax credit traditionally isn’t available until after...
18 March, 2021
Are Your Unemployment Benefits Taxable?
Unemployment Benefits We've seen numerous changes to unemployment benefits throughout 2020 and 2021. Now, President Biden’s American Rescue Plan that Congress enacted in March of 2021 has extended the additional $300...
18 March, 2021
Accounting Considerations for PPP Loans and Employee Retention Credit
(authored by RSM US LLP) Our white papers have been updated with more information regarding the accounting for PPP loans and the Employee Retention Credit....
18 March, 2021
Tax Day Moves from April 15 to May 17
On March 17, the IRS extended the normal April 15 individual tax return due date to May 17. Caution: the extension does not apply to Corporations, Trusts or the 2021...
17 March, 2021
American Rescue Plan Act Provisions Affecting Exempt Organizations
(authored by RSM US LLP) The American Rescue Plan Act of 2021 extends and expands support for exempt organizations affected by the coronavirus pandemic....
17 March, 2021
9 Important Tax Topics for Individuals and Business Owners in 2021
(authored by RSM US LLP) Managing significant tax changes will ensure individuals and businesses are positioned for success for the remainder of 2021 and beyond....
17 March, 2021
Another Round of Stimulus Payments Approved by Congress
Article Highlights: • Economic Impact Payments • High-Income Taxpayer Phaseout • Reconciliation • Dependents • Decedents • Social Security Number Requirements • Non-Filers and IRS Information Site • Should I file my tax return now or laterThe American...
11 March, 2021