WASHINGTON — The Treasury Department and the Internal Revenue Service recently issued Revenue Procedure 2021-20 for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because...
federal tax
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. The IRS will automatically refund money to eligible people who filed their tax return...
American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines; new fact sheet outlines details
WASHINGTON − The Internal Revenue Service and the Treasury Department recently announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. The...