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Retroactive Changes for 2020
In a previous tax update I talked about how tax administration this year was so jumbled that it seemed as though “up is down” and “down is up.” One of my favorite singers, Tyrone Davis, had a song in 1970 titled “Turn Back the Hands of Time.” When the American Rescue Plan was enacted on…
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IRS Grants Dyed Diesel Fuel Penalty Relief
… due to disruptions of the fuel supply chain. 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…
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We Are Experiencing Mail Delays
If you need vouchers or any other tax documents by May 17th…. We strongly suggest the following: Our Secure Portal Our Secure Email Pickup at Office
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Governor Kay Ivey signs SB352
In accordance with the provisions of SB352, the due date for the filing and payment of state individual income tax for the 2020 tax year has been automatically extended to correspond with the extended federal due date of May 17, 2021. Individual taxpayers who timely file and pay any taxes due for the 2020 tax…
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Relief from Penalty
Relief from Penalty for Failure to Deposit Employment Taxes Notice 2021-24 amplifies the guidance in Notice 2020-22, 2020-17 I.R.B. 664, which provides for penalty relief under section 6656 of the Code for an employer’s failure to timely deposit Employment Taxes with the IRS. This notice provides relief from section 6656 for employers required to pay…
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Extended Office Hours End this Week
Although the federal tax filing deadline has been delayed for 30 days, our schedule will revert to After Tax-Season hours on April 16th. The Covid Pandemic has wreaked havoc in so many lives for the past year. We are so fortunate that it has not touched us at the office in any way other than…
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Foreign Bank Account Reporting
IRS reminds foreign bank and financial account holders the FBAR deadline remains April 15 The Internal Revenue Service is reminding U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income…
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2020 Premium Tax Credit
IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit; those claiming net Premium Tax Credit must file Form 8962 WASHINGTON — The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium…
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Tax Reminders
Confusion abounds as some deadlines were extended and others were not! IRS reminds taxpayers to make April 15 estimated tax payment The Internal Revenue Service today reminded self-employed individuals, retirees, investors, businesses, corporations and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021.…
