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United States: How do you spell relief? C-A-A After months of partisan bickering and Senate inaction, Congress finally passed another round of COVID-19 relief legislation as part of the Consolidated Appropriations Act, 2021, P.L. 116-260, (“CAA”), which was signed into law on December 27, 2020. We provide a summary of the tax-related CAA provisions and key modifications to the Paycheck Protection Program (“PPP”), before discussing President Biden’s tax agenda for 2021. The CAA’s tax provisions focus primarily on providing economic relief to taxpayers by expanding provisions of the...

To embed, copy and paste the code into your website or blog: Since the COVID-19 pandemic hit the United States in early 2020, relief efforts have taken many forms—personal services, legislative efforts, volunteer hours, and even charitable contributions. Yes, when both people and corporations were in the midst of struggles, individuals and companies still made contributions throughout society. Although one hopes charitable contributions are not made for the primary reason of obtaining tax deductions, it is an added benefit that both individual and corporate taxpayers can enjoy under the Int...

Wed, 01/27/2021 - 7:45pm WASHINGTON — Following an unpredictable year with many changes and challenges, the Internal Revenue Service has issued taxpayers pointers before filing 2020 federal tax returns. Choose direct deposit The safest, most accurate and fastest way to get a refund is to electronically file and choose direct deposit. Direct deposit means any tax refund is electronically deposited for free into a taxpayer's financial account. Eight out of 10 taxpayers get their refunds by using direct deposit. It is simple, safe and secure. This is the same electronic transfer syst...

Giving Done Right: 10 Ways to Avoid Philanthropy Fumbles Here are 10 ways to give with examples and approaches to help you avoid philanthropy fumbles. Author: By Dennis Stearns, CFP® There is a reason spouses often have disagreements around where to make more sizable charitable donations. Often, one spouse is leading from their heart, and the other is more focused on measurable impact. Each person must decide for themselves what’s important. Many would do well to consider a more middle-ground approach to major charitable giving. Dennis Stearns, CFP I recently discussed this issue and more...

BY Edward T. Killen, IRS | December 29, 2020 At the IRS, we work to support our nation’s charities in many different ways. In my organization, we oversee the tax-exempt groups that do vital work for our nation. And many of us who work for the IRS use our free time to volunteer and contribute in countless ways to charitable organizations and churches across the country. This year, there’s an additional component at play with so many people, businesses and organizations struggling due t...