News & Insights
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…
Continue ReadingIRS 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…
Continue Reading
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…
Continue Reading
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…
Continue Reading
Updated: Tax Deadline for Individuals Extended to May 17, 2021
The Treasury Department and Internal Revenue Service announced on March 17th that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April…
Continue ReadingIRS Reminds Taxpayers of Recent Changes to Retirement Plans
The Internal Revenue Service reminds taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. A retirement plan account owner must normally begin taking an RMD annually…
Continue ReadingIRS Says All Stimulus Checks Thus Far Have Been Sent. What If You Didn’t Get One?
The IRS said that it has issued all of the coronavirus relief checks that it is legally permitted to disburse and that people who haven’t received the full amount to which they are entitled can claim a…
Continue ReadingIRS Provides Greater Flexibility for Health FSAs & Dependent Care Assistance Programs
The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under…
Continue ReadingEmployee Retention Credit Extended for Employers Who Keep Workers on Payroll
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose…
Continue Reading
Haefele Flanagan and Trilogy Partners Announce New Affiliation
(January 12, 2021 – Maple Shade, NJ and Yardley, PA) Haefele Flanagan, an expert accounting and advisory firm, and Trilogy Partners, a business consulting firm, announce their affiliation today, with a…
Continue Reading