Federal and most state individual income tax returns for 2020 are due to be filed by Thursday, April 15, 2021.
When Paycheck Protection Program (PPP) loans were initially introduced, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made clear that loan proceeds would not be treated as gross income on federal income tax returns.
This year the IRS has opened up its Identity Protection PIN system to all tax filers who wish to opt-in; being a victim of identity theft is no longer a requirement.
The consequences of being a victim of a cyber-attack can be devastating to all sizes and types of organizations, as we saw with the recent cybersecurity breach involving SolarWinds software.
Kentucky is one of a handful of states where local taxing jurisdictions, such as cities, counties, and school districts, impose income taxes. Kentucky law permits employees to file for a refund from a local jurisdiction if their employer withheld taxes for that jurisdiction while they worked in another jurisdiction, either within or outside Kentucky.
Significant tax legislation due to the COVID-19 pandemic was enacted last year, including charitable donations, business meals at restaurants, and personal protective equipment purchased by teachers.
In this video, Maddie Schueler and Doug Dean discuss tax planning ideas that deserve current consideration now that last November’s federal election results finally have been resolved.