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 Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages.
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 to May 17. If you have not yet submitted your 2020 data, please submit what you can by April 20
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, a taxpayer’s gross income generally includes any income realized if any debt he or she owes in cancelled or discharged,
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 rules for this credit. Here are some facts to help people understand the credit and if they can claim it
