Tax relief

The service released a FAQ to explain how students and universities should report emergency financial aid grants related to the pandemic.

The Internal Revenue Service responded Tuesday to calls for extending more tax deadlines by giving taxpayers until May 17 to make IRA and HSA contributions and file some refund claims.

The Internal Revenue Service plans to begin issuing Economic Impact Payments to Social Security recipients and other federal beneficiaries this weekend after weeks of delay.

Household employment has its share of nuances that may catch accountants and families off guard, cause noncompliance, and cost your clients money. Here are some of the typical tax season mistakes we see made by accountants and families and how to fix them.

The Social Security Administration transmitted the necessary information to the IRS so it can begin sending Economic Impact Payments to nearly 30 million beneficiaries after an ultimatum from Congress.

The government has so far sent about 127 million stimulus payments to individuals and households.

The Internal Revenue Service has changed the calculation for determining the $10,200 exclusion on unemployment benefits in the new pandemic relief package, allowing more taxpayers to qualify, but forcing tax software developers to update their programs.

A group of House Democrats is sounding the alarm about delays in Economic Impact Payments going out to beneficiaries of safety net programs.

The National Conference of CPA Practitioners is asking the IRS to postpone the tax deadline from May 17 until June 15 and to make it apply to quarterly estimated payments.

The IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free, Commissioner Chuck Rettig said.