News

This session will cover the key changes related to the reporting of income and credits from pass-through entities which elect to be taxed at the entity level in Alabama (“Electing PTEs”) on the individual Alabama income tax returns of partners, shareholders, and members. The session will also cover the key relief provisions related to quarterly estimated tax payments for both the Electing PTEs and the individual partners, shareholders, and members.

The AICPA discusses what we know about the content and timing of possible tax changes in President Biden’s Build Back Better plan and the three ways they could advance in Congress.

In Rev. Proc. 2021-25, the IRS on Monday provided 2022 inflation-adjusted amounts pertaining to health savings accounts (HSAs) and the maximum amount that may be made newly available for certain health reimbursement arrangements (HRAs).

In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments).

The Internal Revenue Service reminds taxpayers that the deadline for filing most individual income tax returns this year is May 17. The agency also wants taxpayers who have yet to file their tax returns to know that there are a variety of options available to help them.

The filing and payment deadline for most 2020 federal tax returns is here. Taxpayers should file or request an extension of time to file and pay any taxes they owe by the May 17 deadline to avoid penalties and interest.