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Salvatore Russo

2020 Filing Deadline for Individuals Extended to May 17

2020 Filing Deadline for Individuals Extended to May 17 The IRS and the Treasury Department have automatically extended the federal income tax filing due date for individuals for the 2020 tax year, from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due […]

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Brian Whelan

Biden Signs COVID-19 Relief Package

Biden Signs COVID-19 Relief Package On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021. Some of the tax-related provisions include the following: 2021 Recovery Rebate Credits of $1,400 for eligible individuals ($2,800 for joint filers) plus $1,400 for each eligible dependent. Credit begins to phase out at adjusted gross income […]

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Thomas Zanata

Experts: IRS Guidance Needed on American Rescue Plan

Experts: IRS Guidance Needed on American Rescue Plan The IRS needs to issue new rules and guidance to implement the American Rescue Plan, experts said on March 11 as President Joe Biden signed his COVID-19 relief measure. “I hope Treasury will say something very soon: FAQs, press release, something. IRS undoubtedly will have to write […]

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Steve Grgas

Strengthening Tax Breaks to Promote Manufacturing Gets Bipartisan Support

Strengthening Tax Breaks to Promote Manufacturing Gets Bipartisan Support Strengthening tax breaks to promote manufacturing received strong bipartisan support at a Senate Finance Committee hearing on March 16. Creating new incentives and making temporary ones permanent are particularly critical for helping American competitiveness in semiconductors, batteries and other high-tech products, Senate Banking Chair Ron Wyden […]

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Steve Grgas

IRS Unopened Mail Backlog is Gone, Says Rettig

IRS Unopened Mail Backlog is Gone, Says Rettig IRS Commissioner Charles “Chuck” Rettig told Congress on February 23 that the backlog of 20 million unopened pieces of mail is gone. “There were trailers in June filled (with unopened paper returns). There are none today,” Rettig said in an appearance before the House Appropriations Committee Financial […]

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