Tax Refund Delayed? You’re Not Alone

IRS tax refunds are late for millions of Americans. The National Taxpayer Advocate‚Äôs annual report released on June 29 showed that 35 million tax returns were still being held for manual reviews. The…

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Employer Tax Credit for Covid Vaccine PTO Expanded

The IRS updated frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021 (ARP). The updates clarify that eligible employers can claim the…

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IRS Sends Out 1.5 Million Unemployment Compensation Refunds

The Internal Revenue Service reported that another 1.5 million taxpayers will receive refunds averaging more than $1,600 as it continues to adjust unemployment compensation from previously filed income…

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Key Tax Provisions in NJ’s Fiscal Year 2022 Budget

Key tax relief components of the Fiscal Year 2022 Budget include, but are not limited to: Middle Class Tax Rebate: In Fiscal Year 2022, over 760,000 New Jersey families will receive an up to $500 tax rebate…

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Philadelphia Tax Rate Changes Starting July 1st

Philadelphia is changing the rate of its: wage tax; earnings tax; net profits tax; and school income tax. The changes are effective July 1, 2021. Reduced Rates The new resident rate for the wage tax, earnings…

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Important Changes to the Child Tax Credit

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit: Amount has increased…

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IRS Provides Guidance on Tax Breaks for COBRA

The Internal Revenue Service provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985…

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IRS Begins Correcting Tax Returns for Unemployment Compensation Income Exclusion

The Internal Revenue Service will begin issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable…

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Registration for Restaurant Revitalization Fund Opens Tomorrow

Registration for the Restaurant Revitalization Fund (RRF) will begin tomorrow, Friday, April 30 at 9 a.m. EDT and the SBA will begin accepting applications via the application portal on Monday, May 3 at…

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2021 Child Tax Credit, EITC, and Premium Tax Credit Limits Updated

On Monday April 26, 2021 the IRS issued adjusted amounts for the child tax credit, the earned income tax credit (EITC), and the premium tax credit (PTC) for 2021, to reflect changes enacted in the American…

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