Guidance on Temporary Full Deduction for Business Meals

May 28, 2021 | Taxes

The IRS has provided guidance related to the temporary 100-percent deduction for business meals provided by a restaurant. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 ( P.L. 116-260) temporarily increased the deduction from 50 percent to 100 percent for...

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...

Lenders Notified to File Corrected Forms 1099-MISC to Exclude Subsidized Loan Payments

Mar 30, 2021 | Taxes

The IRS has announced that lenders who had filed or furnished Form 1099-MISC, Miscellaneous Information, to a borrower, reporting certain payments on loans subsidized by the Administrator of the U.S. Small Business Administration (Administrator) as income of the...

Double-Check for Missing, Incorrect Forms Before Filing

Mar 30, 2021 | Taxes

With some areas seeing mail delays, the IRS has reminded taxpayers to double-check before filing a tax return to make sure they have all their tax documents, including Form W-2, Wage and Tax Statement, and Forms 1099. Many of these forms may be available online....

IRS Urges Employers to Claim Employee Retention Credit

Mar 30, 2021 | PPP Loan, Taxes

The IRS is urging employers to take advantage of the newly-extended employee retention credit (ERC), which makes it easier for businesses that have chosen to keep their employees on the payroll despite challenges posed by COVID-19. The Taxpayer Certainty and Disaster...