To address some of the economic disruption caused by the pandemic last year, collection of the 6.2 percent employee payroll tax was delayed in accordance with a presidential executive action. On Jan. 19, the Internal Revenue Service announced that it extended the...
Month: January 2021
Can bankruptcy eliminate tax debt?
It is reasonable for many people to think that bankruptcy is not an option to resolve federal tax debt, but in certain cases, the debt may be dischargeable after certain conditions have been met. To determine eligibility, you must consider both the type of tax at...
COVID tax relief causes IRS to change 1040
Recent COVID tax legislation has led to changes in the 1040 and 1040-SR instructions for the 2020 tax year. The new draft has recently been released by the IRS, incorporating the changes from the CAA, 2021. Among the changes is new information regarding the handling...
IRS small business audits will increase in 2021
In addition to an economic slowdown beginning in 2020, small businesses must deal with more complicated accounting because of complex changes to the tax laws and COVID-19 stimulus programs. In an apparent sign of aggressive tax collection after the pandemic and...