COVID-19 tax news and information

TOPICS

March 17, 2021

IRS postpones April 15 deadline

The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.

March 17, 2021

Federal aid could hobble new state tax cuts and credits

The American Rescue Plan Act’s $350 billion in “fiscal recovery” aid to states comes with a big string attached — the states may not use the money to offset new tax credits or other revenue reductions.

March 16, 2021

AICPA asks for guidance on S corp. and partnership PPP loan forgiveness

In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.

March 11, 2021

American Rescue Plan Act passes with many tax components

The $1.9 trillion coronavirus relief bill contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.

March 4, 2021

AICPA requests tax deadline postponements until June 15

In a letter, the AICPA asked the IRS to postpone until June 15, 2021, all 2020 federal income tax and information returns and payments (e.g., extension and estimated payments) originally due April 15, 2021.

March 2, 2021

IRS issues employee retention credit guidance

The IRS issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans.

March 1, 2021

Modernize and virtualize your tax practice: Part 2

The shift to a more virtual business environment has been accelerated by the COVID-19 pandemic. Firms must be mindful of this evolving business model as they explore new methods for building up client relationships.

March 1, 2021

Tax provisions in the year-end coronavirus relief act

Pandemic relief, tax extenders, and much more were included in year-end legislation.

March 1, 2021

Developments in individual taxation

This semiannual update covers recent developments affecting individuals and discusses a number of pandemic-related developments.

March 1, 2021

Helping clients emerge from the pandemic

CPA financial planners can navigate clients through uncertainty and change, and lead them through a reevaluation of savings goals, retirement planning, health care needs, and other basic parts of their financial plan.