Tax & Accounting News

The Weekly (Tax)Buzz - February 24, 2021

The Weekly (Tax)Buzz - February 24, 2021

If you feel like the news is tough to keep up with these days, you aren’t alone. Every week, we publish a curated list of some of the top articles in tax and finance. Tune in every Wednesday to read the latest thought leadership pieces from our favorite bloggers, US tax proposals, tax crime stories, and much more.

The (Tax)Buzz this week: The states that are taxing forgiven PPP loans, a tax deadline extension for Texans, changes to Form 1040, and more.

CNBC: Due to the recent winter storms, all taxpayers in Texas will get until June 15 to file their returns and pay any amounts owed.

Fast Company: The IRS Where’s My Refund has stopped working for some taxpayers who are waiting on their payments.

Forbes: Tax season has arrived! The IRS has officially started accepting tax returns. Here’s what you need to know now.

Tax Foundation: Wondering if your state is taxing forgiven PPP loans? This map breaks it all down.

Entrepreneur: Attention business owners: ICYMI, under this second round of overall coronavirus aid, business owners are able to get aid from BOTH the Paycheck Protection Program and the Employee Retention Tax Credit.

Yahoo! Finance: Some unemployed Californians are saying they are victims of fraud, but the bank won’t unfreeze their accounts.

CNN Business: Another 861,000 Americans filed for unemployment in the most recent weekly report, “nearly 100,000 more claims than economists had predicted and the highest number in a month.”

Forbes: As you prepare your taxes (or work with your tax preparer) this year, you may notice the IRS Form 1040 looks a bit different. Here’s a breakdown of the changes.

Fast Company: So, impeachment is over, and now you’re wondering when you might receive a stimulus check. Here’s an update on the Biden stimulus package working its way through Congress.

Bonus content: 

  • The Big Book of Taxes 365, our 1250+ page online tax research library, is now updated with all the latest information on the COVID Tax Relief Act (COVIDTRA). Annual access costs only $95! Purchase yours here.
  • Don’t miss our COVID Tax Relief Act (COVIDTRA) 1 Hour CPE Webcast, now available for just $39. Check it out here.
  • Need help guiding your clients through the PPP forgiveness process? Our experts at ClientWhys TaxCPE converted the SBA’s very complicated instructions and side computations into a series of worksheets that make completing the SBA applications (Form 3508EZ and Form 3508) considerably easier. Download them here.
  • 19 Free White Paper Downloads – With the constant changes in legislation and rules governing our industry, it can be hard to keep up. That’s why the tax experts at TaxCPE / ClientWhys put together 17 free white papers on the most important tax issues during COVID-19.
  • As the COVID-19 outbreak continues to disrupt our lives across the board, we’ve received many questions about how tax and accounting pros should respond. To help, we created a Coronavirus Resource Hub with all the info you need to keep up. Be sure to explore and bookmark this page as we’re updating it continually.

Don’t miss our latest TaxBuzz posts: 

  • Taxpayer Warning: Beware of 'Ghost' Preparers Who Don't Sign Tax Returns
  • Beware: These Tax Return Red Flags Could Catch the Eye of the IRS
  • Why Filing Your 2020 Taxes Now Could Be a Mistake
  • Democrats Introduce $3,600 Per Child Tax Credits in COVID Relief Bill

Did we miss a great article this week? Let us know in the comments below!

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Lauren Detweiler

Lauren Detweiler

I am equal parts marketer, traveler, and writer, and I've been doing all three for as long as I can remember. I have spent most of my time since graduating university traveling and working remotely in Africa and Europe. My passion lies in conveying the right messaging to the right people, and being a part of the CountingWorks and TaxBuzz team means I get to do that not only for our company, but for clients across the country as well.

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