Introduction: Claiming your parents as dependents can provide valuable tax benefits, but it’s important to understand the rules and requirements to ensure compliance with the Internal Revenue Service (IRS) regulations. In this guide, Accu Tax explores the intricacies of claiming your parents as dependents, shedding light on eligibility criteria, supporting documentation, and potential tax deductions....
If you’re interested in starting a non-profit organization in Florida, there are a number of important steps that you need to take in order to ensure that you do so successfully. In this guide, we will outline the key steps you need to take and provide you with all of the information you need to...
The Treasury is defending its proposal to track the banking information of nearly all Americans, after pushback from the financial industry and Congressional Republicans made the proposal a topic of heated debate in Congress. A senior Treasury official told CBS News that tracking a small amount of information for almost all bank accounts in the...
The parents of some 60 million children are set to receive their third child tax credit payment this week. The improved monthly checks are mainly used to cover household expenses and pay debts, according to census data, and are lifting large numbers of children out of poverty. Now, Democratic lawmakers plan to keep these “family...
Fourth Stimulus Checks: Fourth stimulus checks from the federal government might seem unlikely at this point, states are doing their part to ensure that federal stimulus money is distributed. As part of the US Rescue Plan stimulus relief bill, states were allocated more than $ 200 billion to spend on their economic recovery from the...
Stimulus payments: Precisely two weeks from today, the very first of 6 brand-new month-to-month stimulation checks will start showing up in Americans’ mail boxes. Or, certainly, in their savings account, given they’re registered with the IRS. When paired with a tax obligation credit rating next year, this advantage will certainly total as high as $3,600 for each eligible youngster. These increased...
The business tax system, also known as the income tax, is an extremely complex one, which is based on both state and federal levels. Every single government has the constitutional power to levy and collect taxes according to their own laws. In addition, each state also has several other municipalities like cities and counties for...
Hear that? It’s the sound of millions of taxpayers cheering across the country: the Internal Revenue Service (IRS) has announced the open of the tax filing season. That date is February 12, 2021. If you want to get your refund as fast as possible, the IRS recommends that you e-file your tax return and use direct deposit...
With the convergence of multiple layers of tax legislation and IRS guidance since 2017, this year’s filing season has the potential to confuse tax preparers as well as the clients they serve. Even for those who follow legislation day in and day out, things can get complicated. For example, the Paycheck Protection Program was initially...
As part of funding legislation for the federal government, President Trump signed a law of Setting Every Community Up for Retirement Enhancement (SECURE) Act on December 20, 2019. The law has many provisions relating to financial planning, especially retirement planning with IRAs and employer-sponsored plans. Among the provisions the most attracting is the curtailing of...
