Tax & Current Accounting Topics

IRS urges participants of abusive micro-captive insurance arrangements to exit from arrangements 

https://www.irs.gov/newsroom/irs-urge...

​ https://accountinginstruction.info/

​WASHINGTON — Internal Revenue Service officials today urged participants in abusive micro-captive insurance arrangements to exit these transactions as soon as possible.

IRS reminds foreign bank and financial account holders the FBAR deadline remains April 

https://www.irs.gov/newsroom/irs-remi...

​ https://accountinginstruction.info/

​WASHINGTON — 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.

Free recorded workshop helps small business owners understand their tax obligations 

https://www.irs.gov/newsroom/free-rec...

​ https://accountinginstruction.info/

​The Small Business Virtual Tax Workshop helps small business owners understand and meet their tax obligations. It's free and available online 24/7.

Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants 

https://www.irs.gov/newsroom/treasury

​ https://accountinginstruction.info/

​Businesses can temporarily deduct 100% beginning January 1, 2021 IR-2021-79, April 8, 2021

COVID Tax Tip - IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May 

https://www.irs.gov/newsroom/irs-will​

Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation.

IRS reminds U.S. territory residents about U.S. income tax rules relating to pandemic unemployment compensation https://www.irs.gov/newsroom/irs-remi

​ https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service reminds eligible residents of the U.S. territories that if they receive unemployment compensation payments that are otherwise  subject to U.S. income tax, they may be eligible to exclude up to $10,200 per person of  unemployment compensation from U.S. income tax for 2020, following legislation that was passed March 11, 2021.

IRS reminds taxpayers to make April 15 estimated tax payment 

https://www.irs.gov/newsroom/irs-remi

WASHINGTON — 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.

IRS, Treasury disburse 25 million more Economic Impact Payments under the American Rescue Plan 

https://www.irs.gov/newsroom/irs-trea​

Social Security and other beneficiaries bring total to more than 156 million payments; VA beneficiaries’ payments to be disbursed on April 14  IR-2021-77, April 7, 2021

COVID Tax Tip IRS extends additional tax deadlines to May 17 

https://www.irs.gov/newsroom/irs-exte

​Following the extension of the filing and payment deadline for individuals to May 17, 2021, the IRS announced other tax deadline extensions to the same date.

Here’s how the third Economic Impact Payment is different from earlier payments