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…
Guidance on tax relief for deductions for food or beverages from restaurants
Businesses can temporarily deduct 100% beginning Jan. 1, 2021 The Treasury Department and the Internal Revenue Service issued guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The…
Tax Due Date Changes
We are continuing to monitor due date and other changes as they unfold. Here are the current basics: • Form 1040 and payment due with the return has been moved…
Student Loan Forgiveness
Under the American Rescue Plan Act of 2021, an individual may exclude from gross income the amount of qualified student loans cancelled or discharged in 2021 through 2025. In general,…
People who adopt may benefit from this special tax credit
The adoption process can be expensive. Fortunately, the adoption tax credit can help offset some those expenses. Taxpayers who adopted or started the adoption process in 2020 should review the…
PPE Considered Deductible Medical Expense
The purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses, according to…