The Illinois Department of Revenue (department) has issued an informational bulletin that summarizes income tax return changes for individuals and businesses for the 2020 filing season and 2021 withholding income tax filing season. The bulletin also provides a minor sales and use tax update.
The changes summarized in the bulletin include:
2020 Individual and Business Income Tax“MyTax” ... Read More ›Indiana has released guidance providing a list of the most significant corporate and personal income tax modifications necessary because the definition of Internal Revenue Code (IRC) is the version in effect on January 1, 2020. The bulletin covers modifications required due non conformity with the:
CARES Act; and Consolidated Appropriations Act, 2021.Items Not FollowedCharitable contributions. If an ... Read More ›
The IRS is providing a safe harbor for eligible educators to deduct certain unreimbursed COVID-19-related expenses. The safe harbor applies to expenses for personal protective equipment, disinfectant, and other supplies used for the prevention of the spread of COVID-19 in the classroom, paid or incurred after March 12, 2020. All amounts remain subject to the ... Read More ›