Taxpayers Don’t Have to Repay Excess APTC for TY2020

The American Rescue Plan Act brought a third round of Economic Impact Payment and plenty of changes to tax credits, including how the agency approaches the Premium Tax Credit (PTC).… Read more about Taxpayers Don’t Have to Repay Excess APTC for TY2020 (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…

Guidance Explains Temporary Increase in Food and Beverage Deduction

The IRS has unveiled guidance that temporarily throws open the gates to recouping 100 percent of the expense for certain food and beverage purchases. The new rules for this business deduction went into effect on Jan.1 of this year.… Read more about Guidance Explains Temporary Increase in Food and Beverage Deduction (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…

Some Taxpayers in for an RRC Surprise

Some taxpayers are getting a little something extra this tax season, along with claiming the 2020 Recovery Rebate Credit. The little extra is a letter from the Internal Revenue Service because some taxpayers may not be getting the amounts from the RRC they expected.… Read more about Some Taxpayers in for an RRC Surprise (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…

More Than 130 Million EIPs Have Been Sent Out with More to Come

Employees of three federal agencies are keeping very busy these days, sending out the millions of Economic Impact Payments (EIPs) to Americans in need.… Read more about More Than 130 Million EIPs Have Been Sent Out with More to Come (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…

Consider Amending Returns That Didn’t Take Unemployment Compensation Exclusion

Major tax legislation usually causes a period of confusion as taxpayers and tax professionals wait for official guidance on complex provisions. The American Rescue Plan Act of 2021 is no different.… Read more about Consider Amending Returns That Didn’t Take Unemployment Compensation Exclusion (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…

Emergency COVID Aid to Students Deemed Not Taxable

Students and their higher-education institutions are getting a clearer picture of how to report pandemic-related emergency financial aid grants. Or not.… Read more about Emergency COVID Aid to Students Deemed Not Taxable (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…