IRS processes returns of taxpayers who paid tax on 2020 unemployment comp
In a June 4, 2021 News Release, the IRS announced that it has begun processing returns of taxpayers who paid tax on their 2020 unemployment compensation that, as a result […]
Entries by Stephanie Hendon
IRS has begun reviewing tax returns for unemployment compensation exclusion
The IRS has started reviewing 2020 income tax returns of eligible individuals who reported unemployment compensation, but did not claim the unemployment compensation exclusion provided by the American Rescue Plan […]
Where’s my tax refund? Americans face delays as IRS holds nearly 30M tax returns for manual processing
The Internal Revenue Service is holding 29 million tax returns for manual processing, contributing to more refund delays than are typical in a normal filing season due to sweeping tax […]
IRS announces further details of tax credits available to help small businesses…
The Internal Revenue Service and the Treasury Department announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees […]
Small businesses have until May 31 to apply for a forgivable loan
On Tuesday, President Biden signed into law a two-month extension of the Paycheck Protection Program (PPP) one day before the coronavirus relief fund was poised to expire, giving small businesses […]
IRS to recalculate taxes on unemployment benefits…
Dear Clients & Friends, the IRS has announced that they will start sending out the refunds in May for recalculated unemployment returns that have been filed. Click here to read […]
Tax Day for Individuals Extended to May 17
The IRS has extended Tax Day for federal individual returns to May 17! Michigan has not announced their intentions yet, but our expectations is that they will follow suit. […]
SBA defers repayment of disaster loans…
The Small Business Administration pushed back the deferment period for all its disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. Click here for all the […]
Targeted EIDL Advance Update
Hi folks! If you previously received an EIDL Advance for less than $10,000, or applied but received no funds due to lack of available funding, you may be eligible to […]
Tax Filing Season Begins February 12th!
The IRS has announced that the 2021 tax filing season will begin on Friday, February 12th. Expecting a refund? Click here to read more on how the IRS plans to […]