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Find helpful articles, news, and the latest on IRS policy changes.

HELPFUL  ARTICLES

Treasury Issuing Millions of EIPs by Debit Card in Second Round

January 11, 2021

t’s a busy time for the Treasury Department and the Internal Revenue Service.

They’re sending out some 8 million second-round Economic Impact Payments (EIPs) by prepaid debit card. The debit cards follow millions of EIPs already made by direct deposit and the ongoing mailing of paper checks to deliver the second batch of EIPs as quickly as possible.

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Eligible PPP Expenses Are Now Deductible

January 26, 2021

The Internal Revenue Service has eased the cost of participation in the Paycheck Protection Program (PPP) by allowing deductions for the payment of eligible expenses.

The deductions are outlined in guidance issued by the IRS, and are allowed when such payments would result—or be expected to result—in the forgiveness of a covered loan under the Paycheck Protection Program.

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Filing Season Postponed: Set to Begin Feb. 12

January 18, 2021

The Internal Revenue Service has set Friday, Feb. 12, 2021, as the start of the nation’s tax season. That’s the day the agency will begin accepting and processing 2020 tax year returns.

The IRS says the February start date for individual returns will give it time to do additional programming and testing of its computer systems in the wake of tax law changes that came through on Dec. 27, providing a second round of Economic Impact Payments.

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