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IRS Tax Breaks Individuals Can Claim for 2020

(Accounting Web) - Julian Block discusses changes to IRS tax law that introduce modest tax breaks most of your clients can claim.


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Deduction Limit Increased for Corporate Contributions to Disaster Relief 
(CPA Practice Advisor) - The new Covid relief law, enacted Dec. 27, temporarily increased the limit, to up to 100% of a corporation’s taxable income, for contributions paid in cash for relief efforts in qualified disaster areas.

The 5 Best Cybersecurity Tips for Small Businesses for 2021 
(Inc.) - Small businesses are a more common target for cyberattacks than ever. Small firms simply lack the security infrastructure of large corporations.

AICPA Wants SBA to Fix Problem-plagued PPP Loan Application System 
(Accounting Today) - The American Institute of CPAs is asking the Small Business Administration to fix some problems that businesses are encountering when applying for loans from the Paycheck Protection Program.

IRS Mistakenly Tells 109,000 Taxpayers It Held Back Stimulus Payments To Offset 2007 Taxes 
(Forbes) - The CP21C letter is the latest snafu in what is likely going to be a very taxing filing season. There are 9 million Americans still waiting for round one and round two of the economic stimulus payments promised for 2020

New Twists on an Old Tool: Tax Pros Revamp Organizers 
(Accounting Today) - “My organizer, which is accompanied by my engagement letter, will be similar but highlight cryptocurrency questions, remind people of the $300 deduction for charitable contributions and to include the 1444 Notice that they received telling them the amount of the stimulus payment,”

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About AccountantsWorld

At AccountantsWorld, we value the crucial role that YOU play in core business services - accounting and payroll - just as much as you do.

That's why, since 2003, we've used the unprecedented power of the cloud to put you back in full control of your accounting and payroll services so you can best serve your clients, while raising your own firm's value and relevance. And we never sell our products or services directly to your clients.

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