IRS ups tax credit amounts for inflation after American Rescue Plan
The Internal Revenue Service is increasing the inflation-adjusted amounts of the Child Tax Credit and Earned Income Tax Credit for this year in accordance with the latest coronavirus relief package. The IRS released Revenue Procedure 2021-23 on Monday, which modifies and supersedes parts of the 2021 inflation adjustments in last…
IRS offers penalty relief on employment tax payments amid COVID-19
The Internal Revenue Service is providing penalty relief for an employer’s failure to deposit employment taxes with the IRS on a timely basis. Click here to read more.
IRS and COVID vaccine email scams proliferating this tax season
Security experts are seeing a rise this tax season in phishing schemes and malware tied to hot-button subjects like tax refunds, stimulus payments and COVID-19 vaccines. Click here to read more.
PPP Funds Not Taxable in PA!
On Friday, February 5, 2021, the Pennsylvania House and Senate unanimously passed a COVID-19 Relief Bill that allocates Pennsylvania’s share of $912 million in Federal funding. Included in this Relief Bill is a clause that states Pennsylvania will NOT tax PPP loan funds that have been forgiven. This is…
Filing a Decennial Report
Many businesses are beginning to receive an unfamiliar postcard in the mail from the Pennsylvania Department of State. The postcard references a Decennial Report, which, by definition, is required once every 10 years. The purpose of the report is to provide an update to the state and so that…