Tax news today

Here are some recent tax news updates:

Individual Taxpayers

  1. IRS Extends Deadline for Filing 2020 Tax Returns: The IRS has extended the deadline for filing 2020 tax returns to May 17, 2021, from the original deadline of April 15, 2021. (Source: IRS)
  2. New Stimulus Checks: The American Rescue Plan Act of 2021 provides for a third round of stimulus checks, with eligible individuals receiving up to $1,400 per person. (Source: CNN)
  3. Charitable Contributions: The IRS has announced that individuals can deduct charitable contributions made in 2020 and 2021 on their tax returns, even if they don't itemize deductions. (Source: Forbes)

Business Taxpayers

  1. PPP Loan Forgiveness: The IRS has issued new guidance on the Paycheck Protection Program (PPP) loan forgiveness process, including a simplified application process for loans under $50,000. (Source: Accounting Today)
  2. Employee Retention Tax Credit: The IRS has extended the Employee Retention Tax Credit (ERTC) to June 30, 2021, for eligible employers who experienced a decline in gross receipts or were fully or partially suspended due to COVID-19. (Source: Tax Foundation)
  3. Tax Credits for Small Businesses: The IRS has announced that small businesses can claim tax credits for expenses related to COVID-19, including paid sick leave and family leave. (Source: Entrepreneur)

Tax Law Changes

  1. Tax Reform: The American Rescue Plan Act of 2021 includes several tax law changes, including a increase in the child tax credit, a reduction in the top marginal tax rate, and an expansion of the Earned Income Tax Credit (EITC). (Source: Tax Policy Center)
  2. Section 179 Expensing: The IRS has increased the Section 179 expensing limit to $1.08 million for 2021, allowing businesses to deduct the full cost of qualified property and equipment in the first year. (Source: Journal of Accountancy)
  3. Tax Withholding: The IRS has announced that employers can use the 2020 tax tables for withholding purposes until the 2021 tax tables are released. (Source: IRS)

These are just a few of the recent tax news updates. If you have specific questions or concerns about your taxes, it's always a good idea to consult with a tax professional or the IRS directly.