Federal Tax News

The IRS extends the Tax Day deadline. Individual taxpayers get extra time to file their 2020 tax returns and pay their taxes because of the pandemic. The IRS announced that the federal income tax filing and payment due date has […]

Read More

Self-Employed May Be Eligible for COVID-Related Tax Breaks for 2020

If you're self-employed, there are two tax-saving opportunities to consider before filing your 2020 federal income tax return. First, you may be able to defer part of the Social Security tax component of your self-employment tax liability. Second, you may be entitled to receive tax credits for COVID-related sick leave and family leave. Here are the details, as well as the lowdown on a new 1099 form for nonemployee compensation.

Read More

COVID-19 Relief: Overview of the New American Rescue Plan Act

President Biden recently signed legislation to infuse the U.S. economy with another $1.9 trillion in financial relief during the COVID-19 pandemic. This is welcome news for people and businesses that have suffered major losses over the last year. Here are some highlights of the tax and financial relief provisions of the American Rescue Plan Act.

Read More

Federal Tax News

It's full speed ahead for tax season now that the IRS is accepting returns. Here are some quick tips to help speed the process and avoid common errors that could delay a refund, if you're due one. Bring all required […]

Read More

Important Tax Figures for 2021

Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2021, compared with 2020, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more

Read More

Bad Debts: What Losses Can You Deduct and When?

Many individuals and businesses have suffered bad debt losses during the COVID-19 pandemic. But the IRS may be skeptical of deductions claimed for these losses. Here's some guidance to help individuals and business owners navigate the maze of federal income tax rules for the treatment of bad debt losses.

Read More
BKR International logo.
Ohio Oil & Gas Association logo.
NACVA logo.
The Ohio Manufacturers' Association logo.
AICPA logo.
Team neo Cleveland+ logo.