Federal Tax News

What's a "restaurant" for tax deduction purposes? A recent tax law provides a 100% business deduction (up from 50%) for food and beverage expenses in 2021 and 2022 as long as they're "provided by a restaurant." The IRS has now […]

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Construction Contractors: Fraud Prevention Starts With You

Every contractor should have protocols in place to prevent fraud perpetrated by workers and external parties. As this article explains, these include segregation of accounting duties, annual audits and robust cybersecurity plans. Construction businesses also must periodically review supplier lists to help protect against vendor fraud.

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Big Changes to the Child Credit for 2021

There's good news for certain parents: For 2021 only, under provisions included in the new American Rescue Plan Act, you may be eligible for a significantly larger tax credit for qualifying children. Though the rules have been significantly liberalized, they're complicated. Here are the basics to help determine whether your family qualifies for this potentially valuable, but temporary, tax change.

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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 […]

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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.

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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.

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