News

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).

Victims of this spring's storms and tornadoes in Tennessee will have until August 2, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The Internal Revenue Service, in response to disruptions of the fuel supply chain, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the states of Alabama, Delaware, Georgia, Florida, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and the District of Columbia.

The AICPA welcomed the Biden administration’s recent request for congressional legislation to give the IRS the authority to regulate paid tax preparers who are currently unregulated.

State, local, territorial, and tribal governments will have flexibility to apply Coronavirus State and Local Fiscal Recovery Funds to meet their own needs, Treasury revealed Monday.

For most individual taxpayers the tax filing and payment deadline was postponed to May 17. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by May 17, or they may face a failure to file penalty. This extension gives them until October 15 to file their tax return. An extension to file is not an extension to pay. Taxes must be paid by May 17 to avoid penalties and interest on the amount owed after that date.

The Internal Revenue Service reminds everyone that May includes National Hurricane Preparedness Week and is also National Wildfire Awareness Month. Now is a good time to create or review emergency preparedness plans for surviving natural disasters.

As we mark the one-year anniversary of the COVID-19 lockdowns, the economic fallout may be felt for years. But only recently have homeowners and business owners come to grips with the pandemic's impact on their property taxes. While the impact of lost wages and retail receipts was felt almost immediately in city coffers, property assessments are only now starting to take effect — and most assessors have massive budget holes to fill.

The IRS on Monday issued adjusted amounts for the child tax credit, the earned income tax credit (EITC), and the premium tax credit (PTC) for 2021, to reflect changes enacted in the American Rescue Plan Act of 2021, P.L. 117-2 (Rev. Proc. 2021-23).