M&Y International Financial Services

The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate on December 27, 2020.

Let's take a look at a few of the highlights related to pandemic taxpayer relief under the COVID-Related Tax Relief Act of 2020

Millions of second stimulus checks are being deployed to help Americans who are struggling amid the coronavirus pandemic.

Even so, some may be asking, “Where is my money?”

A new set of payments was authorized by Congress with the latest $900 billion coronavirus relief package.

This time, the checks will be up to $600 per individual, or $1,200 per married couple, plus $600 per child under 17

Monthly close is the process of recording and reconciling all transactions that occurred during the month, then closing the associated temporary accounts: i.e., “closing the books.” The goal is both to deliver a snapshot of your business’ financial position and provide a fresh start to the new period. Your closing figures are the key building blocks for creating accurate financial statements.

There I said it.  I know it won’t be a popular suggestion but every year, nearly eight out of 10 U.S. tax filers get a federal tax refund. The average amount paid over the past few years was roughly $2,800, according to the most recent IRS data from 2018.

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Getting a refund is not a bad thing.  In fact, having had to pay the past several years I appreciate not having to worry about whether I owe more than I paid into the treasury.

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Now I am going to offer you 4 suggestions of what to do with your tax refund before you go rushing out to buy a new TV, furniture for the house, or that long overdue vacation

Although Employers are required to make federal payroll tax payments to the government, as well as filing the proper reporting and informational returns. Employers must also provide employees and contractors with W-2 and 1099 reports explaining the compensation paid and withholding amounts