As you may have heard, yesterday the IRS announced it is extending the Federal tax due date by one month to May 17, 2021. Per IRS Notice (IR-2021-59), this only extends the Federal individual income tax return and any 2020 tax payment. This does not extend the state income tax return, nor does it extend […]
Individuals can begin filing tax returns with the IRS later this week and many are in the process of gathering tax documents. As you look back over 2020, below are a few reminders. Charitable contributions. In the past couple of years most individuals have been claiming the standard deduction. For 2020, if you use the […]
While the economic stimulus checks and the second round of the Paycheck Protection Program received most of the news coverage from the recently passed Consolidated Appropriations Act (CAA), there has not been much focus on changes to the deductibility of business meals. It is no secret that restaurant owners across the nation have had more […]