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The latest tax and accounting news and information for personal taxpayers, businesses, and credit unions.

Tax & Accounting News

Expanded tax benefits help individuals and businesses give to charity during 2021; deductions up to $600 available for cash donations by non-
itemizers

“Ordinarily, individuals who elect to take the standard deduction cannot claim a deduction for their charitable contributions. The law now permits
these individuals to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to certain qualifying charitable organizations.”

9/17/2021, IRS, accessed 9/27/2021, https://www.irs.gov/newsroom/expanded-tax-benefits-help-individuals-and-businesses-give-to-charity-during-2021-deductions-up-to-600-available-for-cash-donations-by-non-itemizers

 

IRS updates business travel per-diem rates

“The IRS issued its annual update Friday of special per-diem rates for substantiating ordinary and necessary business expenses incurred while traveling away from home.

The new rates are in effect from Oct. 1, 2021, to Sept. 30, 2022. Specifically, they are the special per-diem rates, including the transportation industry meal and incidental expenses rates”

Paul Bonner, 9/3/2021, The Tax Advisor, accessed 9/27/2021, https://www.thetaxadviser.com/news/2021/sep/irs-updates-business-travel-per-diem-rates.html

 

Renewed tax credit can help employers hire workers; key certification requirement applies

“This long-standing tax benefit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment. With millions of Americans out of work at one time or another since the pandemic began, the IRS noted that one of these targeted groups is long-term unemployment recipients who have been unemployed for at least 27 consecutive weeks and have received state or federal unemployment benefits during part or all of that time.”

9/14/2021, IRS, accessed 9/27/2021, https://www.irs.gov/newsroom/renewed-tax-credit-can-help-employers-hire-workers-key-certification-requirement-applies

 

Credit Union News

IRS Reporting Proposal That Was Strongly Opposed by CUs is Pulled from Bill

“A proposal that would have required credit unions to report deposits/withdrawals of more than $600 to the Internal Revenue Service has been removed from legislation currently before Congress.”

9/14/2021, CU Today, accessed 9/27/2021, https://www.cutoday.info/Fresh-Today/IRS-Reporting-Proposal-That-Was-Strongly-Opposed-by-CUs-is-Pulled-from-Bill

 

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