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Featured: 2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic
The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
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According to an SBA news release issued January 8, 2021, the PPP will re-open the week of January 11. Only community financial institutions will be able to make new PPP loans on January 11 and second draw PPP loans on January 13. Shortly thereafter, all participating lenders will be able to make loans.
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The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday for lenders with $1 billion or less in assets, the US Small Business Administration and Treasury announced.
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Erik Asgeirsson and Lisa Simpson have recorded a special edition AICPA Town Hall. They cover a breakdown of the bill, eligibility and tax deductibility, and steps firms can take to prepare.
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After the enactment of the CARES Act in March, the ASCPA State Tax Committee closely monitored the status of the ongoing efforts to alert the state’s legislative delegation to the critical need for a special legislative session during which several pandemic-related bills could be considered.
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The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses.
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In accordance with Governor Kay Ivey’s 21st Supplemental State of Emergency Proclamation, the Alabama Department of Revenue (ALDOR) has issued guidance for taxpayers and employers regarding the tax relief measures included in the Governor’s proclamation. This guidance can be accessed on ALDOR’s website at https://revenue.alabama.gov/wp-content/uploads/2020/12/201218_ProclamationGuidance.pdf.
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Thursday, December 17th, the AICPA discussed another round of COVID-19 relief for taxpayers--PPP2. Learn more about what to expect in the second wave of relief.
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The summary brings forth questions and concerns raised by the ASCPA Tax Committee to the Alabama Department of Revenue. We await responses from the ADOR to the highlighted questions and will send members that update as soon as it is received.
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A bipartisan group of lawmakers yesterday offered details of $908 billion Covid-19 relief plan, split into two parts, a signal of the deep divides that remain over some issues.
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Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021.
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Governor Kay Ivey on Friday signed a supplemental emergency proclamation to address tax and economic development issues that were delayed in the Alabama Legislature’s 2020 Regular Session due to the COVID-19 pandemic.
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In accordance with Governor Kay Ivey’s 21st Supplemental State of Emergency Proclamation, the Alabama Department of Revenue is updating instructions and guidance for its 2020 returns for income tax and Financial Institution Excise Tax to implement the tax relief measures included in the proclamation related to federal CARES Act stimulus payments and PPP loan forgiveness.