Professional Bookkeeping Service

COVID Tax Tip 2021-175: Some important things all taxpayers should do before the tax year ends COVID Tax Tip 2021-175: Some important things all taxpayers should do before the tax year ends Internal Revenue Service (IRS) sent this bulletin at 11/29/2021 10:23 AM EST IRS Tax Tips November 29, 2021 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - T...

Child Tax Credit - Monthly Payments start July 2021!

COVID Tax Tip 2021-101: The Child Tax Credit Update Portal allows families to update direct deposit information or unenroll The IRS recently upgraded the Child Tax Credit Update Portal to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment. The tool also allows families to unenroll from the advance payments if they don’t want to receive them. The Update Po...

Look out for advance payments in 2021! Remember to report this to your bookkeeper & accountant for 2021 tax prep!

Advance Child Tax Credit Payments in 2021 | Internal Revenue Service Information for taxpayers who may receive advance Child Tax Credit payments in 2021.

Great IRS app!

Tax Tip 2021-59: IRS2Go mobile app is a quick way to access IRS tools and services Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.

Tax Tip 2021-52: Do’s and don’ts for taxpayers who get a letter or notice from the IRS More Information:Understanding Your IRS Notice or LetterTax Topic 651, Notices – What to DoTax Topic 653, IRS Notices and Bills, Penalties, and Interest ChargesTax Topic 654, Understanding Your CP75 or CP75A Notice Request for Supporting Documentation

COVID Tax Tip 2021-46: IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation.

100% of Restaurant purchases deductible!

IR-2021-79: Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurantsBusinesses can temporarily deduct 100% beginning Jan. 1, 2021

COVID Tax Tip 2021-41: IRS YouTube channels have helpful videos on a variety of tax topics The channels also offer playlists on specific tax topics, including ones for tax professionals and small business taxpayers. Share this tip on social media -- : IRS YouTube channels have helpful videos on a variety of tax topics. https://go.usa.gov/xsS8J

Tax deadline extended! Taxes now due on my Birthday!

IRS provides details on April 15 postponement The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.

Good news!

SBA defers EIDL payments until 2022 The SBA extended deferral periods for all disaster loans, including those made through the COVID-19 Economic Injury Disaster Loan (EIDL) program. With the deferral, small businesses that received a COVID-19 EIDL loan won’t have to make a first payment on the loan until next year.

Tax provisions in the American Rescue Plan Act The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.

States That Won’t Tax Your Retirement Distributions You may be able to stretch your budget by living in a state that does not tax some, or all, types of income drawn from retirement fund distributions.