Tax News

Current Tax News

  • The Tax Adviser
  • Tax Foundation
  • Tax Act

The IRS issued guidance on Thursday on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022. [...]

Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill. [...]

The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date. [...]

A bipartisan group of 60 members of Congress wrote the IRS, urging that the deadline for first quarter 2021 federal estimated tax payments be postponed until May 17. [...]

To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that, beginning in May and continuing into the summer, it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits. [...]

With the Biden administration’s proposals, the U.S. is moving in the exact opposite direction of France. Rather than simplifying corporate tax policy and removing distortions, the Biden approach complicates things and adds new layers of tax rules on an already complex system. [...]

Leveling Up: The UK’s Super-Deduction and its Regional Divide

As part of the 2021 Budget, the UK introduced a 130 percent super-deduction for plant and equipment for the next two years, meaning that businesses can take a deduction amounting to 130 percent of the costs in the year the investment is made. [...]

Newly implemented county and regional taxes yield state and local top marginal tax rates in excess of 26 percent for many Portland small businesses, and if all of President Biden’s tax proposals were adopted, those owners could face all-in marginal rates of more than 80 percent, far and away the highest in the country going back decades. [...]

Lawmakers would be well-advised to consider changes to the federal excise tax on sports betting if the industry is to be successful competing against the large illicit market for wagers. [...]

Corporate Income Tax Rates in Europe

On average, European OECD countries currently levy a corporate income tax rate of 21.7 percent. This is below the worldwide average which, measured across 177 jurisdictions, was 23.9 percent in 2020. [...]

2020 Tax Deadline Extended

On March 17, it was announced that the tax deadline to file individual federal income tax returns has been extended to May 17, 2021. This gives filers an extra 32 days to complete and file their tax returns without being subject to late filing penalties. The IRS has also issued a tax deadline extension to […] The post 2020 Tax Deadline Extended appeared first on TaxAct Blog. [...]

Special Enrollment Period for Healthcare Plans

In response to the COVID-19 pandemic, a Special Enrollment Period for individuals and families to apply and enroll in a healthcare plan has been established. From Feb. 15, 2021 to May 15, 2021, Marketplaces using the platform will open to all Marketplace-eligible consumers who are submitting a new application or updating an existing application. […] The post Special Enrollment Period for Healthcare Plans appeared first on TaxAct Blog. [...]

The Secret to Getting Your Tax Refund ASAP

There are several ways to get your income tax refund as quickly as possible. Follow these tips from TaxAct to get your tax refund faster than ever. Everyone looks forward to getting their tax refund. They can use it to pay off debt, put it into their savings, take a vacation, or buy something they’ve […] The post The Secret to Getting Your Tax Refund ASAP appeared first on TaxAct Blog. [...]

Third Stimulus Payment Frequently Asked Questions

Updated on 3/18/2021 Third Stimulus Payment Approved – What You Need To Know It’s official: the third round of COVID-19 financial aid has been signed by President Biden. As part of the American Rescue Plan, the stimulus checks (also called “economic impact payments”) are aimed at providing another round of financial relief for individuals and […] The post Third Stimulus Payment Frequently Asked Questions appeared first on TaxAct Blog. [...]

The 2021 Tax Filing Deadline is Extended for Texas Residents

The deadline to file a federal tax return has been extended to June 15, 2021 for all Texas residents and businesses. Due to the winter storm that left millions of Texans without power and water mid-February, the IRS has extended the filing deadline to allow those impacted more time to complete their returns. The extension […] The post The 2021 Tax Filing Deadline is Extended for Texas Residents appeared first on TaxAct Blog. [...]