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It’s hard enough for preparers to keep up with tax changes — clients are completely at sea, and often enough end up relying on very odd notions about taxes. Attempted deductions from recent years (the Minnesota Society of CPAs produces one of the most famous lists) always evince taxpayers strangest ideas about what’s deductible under […]
The Texas Society of CPAs announced the recipients its 2020-21 academic scholarships. Fifty-one students across the state awarded academic accounting scholarships this year. Approximately $136,000 in scholarships is annually given to students in accounting programs throughout the state. The TXCPA’s Accounting Education Foundation has distributed more than $5.8 million in scholarships to promote accounting education […]
There was one particular category of business whose owners may have found it difficult to benefit from the Paycheck Protection Program, according to Luis Rivero, a CPA and director of taxes for Taxfyle. “Last year many businesses had a hard time receiving funds from the PPP if they were a business that didn’t have a […]
CP21Cs and long memories; all smiles; Romney’s proposal; and other highlights from our favorite tax bloggers. Into the weeds Taxable Talk (http://www.taxabletalk.com/): The IRS computer (just one?) has ideas about what date it is. Seems the IRS sent many CP21C notices telling individuals that their Economic Impact Payments were offset to their 2007 tax account. […]
A new federal form from the Internal Revenue Service aims to help the self-employed claim sick and family leave tax credits under the Families First Coronavirus Response Act. Eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with IRS Form 7202, “Credits for Sick Leave and Family Leave for Certain […]
The combined average sales tax rate across the country grew to levels not seen in a decade last year, enabling states to collect more tax revenue from online sales amid the pandemic. A report released Monday by the tax technology company Vertex found 592 standard sales tax rate changes across the U.S in 2020, with […]
The Internal Revenue Service mistakenly sent letters to many taxpayers saying it would be reducing their Economic Impact Payments to pay off the taxes they owed. More than 109,000 taxpayers received such letters in the form of a Notice CP21C, even though the coronavirus stimulus payments aren’t supposed to offset any past tax debts. Even […]
The unemployment rate declined in January to 6.3 percent as employers added 49,000 jobs in the midst of the pandemic, including 3,800 in accounting and bookkeeping services. The U.S. Bureau of Labor Statistics reported improved job numbers Friday for January after steep job losses of 227,000 in December, when the unemployment rate was 6.7 percent. […]
The Senate voted 51-50, after Vice President Kamala Harris broke her first tie, to adopt a budget blueprint for President Joe Biden’s $1.9 trillion virus relief package — following nearly 15 hours of wading through amendments from both parties. The House had already adopted its budget resolution but will likely have to vote again Friday […]
Tipalti, which makes accounts payable automation software, has entered into three strategic partnerships with Colu, Fusion Partners and Queue Associates to provide broader services to growing companies. As businesses struggle with the consequences of the coronavirus pandemic, technology providers are responding with more comprehensive offerings to simplify their operations. Colu is a civic engagement platform […]
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