Editorial team of TFX
Articles
IRS Postpones Tax Filing and Payment Deadline to May 17
The Treasury Department and Internal Revenue Service will extend the tax filing deadline for individuals from April 15, 2021, to May 17, 2021, as a result of the pandemic, the agencies announced this Wednesday. "This continues to be a tough time for many people, and the IRS wants to continue to do ...
IRS Provides American Rescue Plan Guidance: Do Not File Amended Returns
The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act. Additional information about the new round of economic impact payments, expanded child tax credit, including advance payments and other tax provi...
American Rescue Plan Act of 2021
The House of Representatives & Senate have approved the $1.9 trillion COVID relief plan (American Rescue Plan Act of 2021). President Biden is expected to sign the legislation this week. Key Provisions An additional $300 billion in weekly jobless benefits through September 2021. Rental assistanc...
The IRS Extends Tax Deadline for Victims of Texas Winter Storms
The IRS extended tax deadlines for all Texas residents and businesses from April 15 to June 15 because of the winter storms and the damages they brought. According to the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS is providing this relief not only to the disaster victims but also to the ...
Special IRS Provisions for 2020 Due to COVID for Employees & Self-Employed
The COVID-19 pandemic has resulted in numerous administrative and legislative responses, including short-term and a few long-term tax changes that have affected both employees and self-employed taxpayers in significant ways. These changes include filing postponements, ...
529 Plan: Qualified Education Expenses
A 529 plan, also known as a qualified tuition program (QTP), is a state program that helps families save on their children's education expenses. This plan allows a contributor (parents or family members) to either prepay qualified higher education expenses at an eligible educat...