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June 11, 2021

White House Proposes $1.8 Trillion American Families Plan
On April 28, 2021, the White House released details on President Biden’s new $1.8 trillion American Families Plan. The proposal follows the already passed $1.9 trillion American Rescue Plan Act and ...

Refunds Coming for Excluded 2020 Unemployment Pay
The IRS announced that it had started issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that was excluded from taxable income by the recently enacted American Resc...

Safe Harbor for Certain PPP Loan Recipients Who Did Not Deduct Expenses
A safe harbor is available for certain Paycheck Protection Program (PPP) loan recipients who relied on prior IRS guidance and did not deduct eligible business expenses. These taxpayers may elect to de...

Simplified Return Procedures for Advance Child Credit Payments and EIPs
Individuals may use two special procedures to file returns for 2020 that allow them to receive advance payments of the 2021 child credit and the 2021 Recovery Rebate Credit....

Guidance on COBRA Premium Assistance, Related Tax Credit
The IRS has provided guidance for employers, plan administrators, and health insurers regarding the new credit available to them for providing continuation health coverage to certain individuals under...

Employers Entitled to Claim Refundable Tax Credits for Providing Paid Sick Leaves to Employees
The IRS has reminded employers that under the American Rescue Plan Act of 2021 (ARP) ( P.L. 117-2), small and midsize employers and certain government employers are entitled to claim refundable tax cr...

Options for Taxpayers Who Can’t Pay in Full
The IRS has reminded taxpayers who owe 2020 taxes that there are different ways to pay their taxes online, including payment options for many people who cannot pay in full....

Taxpayers Urged to Create Emergency Preparedness Plans
The IRS reminds taxpayers that May includes National Hurricane Preparedness Week and National Wildfire Awareness Month. It urges taxpayers to create or review emergency preparedness plans for survivin...

Dependent Care Carryover, Extended Claims Period Treatment Clarified
Dependent care assistance benefits carryovers and extended claims period amounts that would have been excluded from income if used during the preceding tax year will remain excludable in tax years end...

Treasury: Invest in IRS, Improve Compliance
The Treasury Department has released a statement discussing investment in the IRS and improving tax compliance. ...

Michael Jackson Estate Assets Valued
Michael Jackson’s image and likeness, as well as his interests in two trusts—one trust (NHT II) that held his interest in the Sony/ATV Music Publishing, LLC, and one trust (NHT III) that held Mija...

How Do I? Get back start-up expenses in starting a business as quickly as possible
The American Jobs Creation Act of 2004 (2004 Jobs Act) changed the rules for start-up expenses in both favorable and unfavorable ways. Start-up expenditures are amounts that would have been deductible...

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