April 2021 - Heckler and O Keefe CPAS

Biden Signs COVID-19 Relief Package

Apr 30, 2021 | COVID-19, PPP Loan, Stimulus

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....

IRS Unopened Mail Backlog is Gone, Says Rettig

Apr 30, 2021 | IRS, Taxes

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...

Cash Rewards for Money Order, Debit Card Purchases Included in Income

Apr 30, 2021 | Taxes

The Tax Court ruled that rewards dollars that a married couple acquired for using their American Express credit cards to purchase debit cards and money orders—but not to purchase gift cards—were included in the taxpayers’ income. The court stated that its holdings...