Tax credits

The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.

Experts have identified a dozen credits, deductions and more as worth particular attention this year.

Last month's COVID-19 relief bill has accountants recommending some deductions to clients, and wondering about the applicability of others.

The latest round of coronavirus stimulus legislation includes some major tax provisions and changes for accountants to watch out for in the New Year.

A group of 25 Democrats in the House wrote to congressional leaders asking them to provide $12.1 billion in funding for the Internal Revenue Service, including $5.2 billion for enforcement, with an eye toward cracking down on high-income tax cheats.

The legislation would encourage saving earlier by enrolling employees automatically in their company’s 401(k) plan, whenever a new plan is created.

Educating clients with startup businesses on the new regulations can help them provide for employees without breaking the bank.

There's a great deal of help for businesses in the CARES Act and the FFCRA.

Some tax credits are refundable, meaning they can get a refund in case the credits exceed their actual tax liability.

While they don't need a child to claim the earned income tax credit, the benefit's value increases based on the number of kids clients have.