News

Due to Covid-19, I conduct all client meetings virtually, except the signing meeting for my full-service estate planning clients. Clients may choose a telephone meeting or a video conference over Zoom.

 

From the IRS website:

IRS to recalculate taxes on unemployment benefits; refunds to start in May

IR-2021-71, March 31, 2021 — To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. More . . .

Emergency aid granted to students due to COVID are not taxable

IR-2021-70, March 30, 2021 — The Internal Revenue Service issued frequently asked questions today on how students and higher education institutions should report pandemic-related emergency financial aid grants. More . . .

 Expanded Tax Benefits for Gifts to Charity in 2021

Usually taxpayers who take the standard deduction cannot deduct their charitable contributions. The law now permits taxpayers to claim a limited deduction on their 2021 federal income tax returns for cash contributions they made to certain qualifying charitable organizations.

These taxpayers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions to qualifying charities during 2021. The maximum deduction is $600 for married individuals filing joint returns. More . . .