On March 11, 2021, President Biden signed the American Rescue Plan Act into law. Included in the act is the Restaurant Revitalization Fund (RRF), which provides much-needed support for the recovery of the greatly impacted restaurant industry. Applications open Monday, May 3, 2021 at noon Eastern time for priority restaurants for three weeks. After this time, all eligible restaurants are encouraged to apply. According to the National Restaurant Association, foodserv Read More >>
Alternative minimum tax (AMT) is essentially a base-level percentage an individual taxpayer or S-corporation must pay the IRS, regardless of the credits and deductions they are entitled to. Contractors need to be especially mindful of AMT, as it can have a major effect on tax liability.
Long-Term Contracts and AMT
When reporting regular tax calculations, contractors that have average gross receipts under $25 million are able to account for their long-term contracts us Read More >>
College and university students should be on alert for an IRS-impersonation scam targeting educational institutions, including anyone with a .edu email address.
The phishing scam sends the recipient an email that looks like it comes from the IRS and has a subject line like “Tax Refund Payment” or “recalculation of your tax refund payment”. There is a link in the email for the recipient to click and submit a form, supposedly for their refund.
The link, however, does not go to t Read More >>