Reminder: 2021 Second Quarter Estimated Tax Payments Extended in Designated Disaster Areas
As announced by the IRS back in May, second quarter (Q2) estimated tax payments for individuals, businesses, and trusts with addresses in the previously designated affected disaster areas (from the March…
Identity theft protection for taxpayers in six steps
Tax-related identity theft is unfortunately a reality. It occurs when someone uses a taxpayer’s stolen personal information, such as a Social Security number, to file a tax return claiming a…
Checking withholding can help you decide if you need to give your employer a new W-4
All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use the IRS…
SBA Launches $100M Community Navigator Pilot Program
The SBA announced this week that it is accepting applications for its new Community Navigator Pilot Program. This new initiative, established by the American Rescue Plan, will leverage a community navigator approach to reach…
Check the status of your federal tax return
The most convenient way to check on a tax refund is by using the Internal Revenue Service’s Where’s My Refund? tool. Taxpayers can start checking their refund status within 24 hours…
Tax Deadline Extension to Aug. 2 for Victims of Tennessee Disasters
The IRS announced on Thursday afternoon that victims of severe storms, straight-line winds, tornadoes and flooding that began March 25, 2021 will have the option for a tax deadline extension. …
Franchise and Excise Tax | Hall Income Tax
Consistent with the IRS’s decision related to the March storms to extend federal deadlines for those businesses located in a designated disaster area, the Tennessee Department of Revenue has extended…
Guidance on taxability of dependent care assistance programs for 2021, 2022
The Internal Revenue Service today issued guidance on the taxability of dependent care assistance programs for 2021 and 2022, clarifying that amounts attributable to carryovers or an extended period for…
Accounting Trends Every Startup Should Follow
The changing conditions of 2020 demonstrated how important vision and preparation are for businesses. Seeing what is coming early can turn challenges into opportunities. That difference can make or break…
Requirement to repay excess advance payments of the 2020 Premium Tax Credit suspended; those claiming net Premium Tax Credit must file Form 8962
The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax…