July 2021: Current Tax & Accounting News

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

IRS expands employer tax credit for Covid vaccine paid time off to include workers’ families

“According to a release from the agency, ‘eligible employers can claim tax credits equal to the wages paid for providing paid time-off to employees to take a family or household member or certain other individuals to get vaccinated, or to care for a family or household member or certain other individuals recovering from the vaccination. Comparable tax credits are also available for self-employed individuals.’”  Read the full article here.

Christina Wilkie, Thomas Franck, 7/29/2021, CNBC, accessed 7/29/2021, https://www.cnbc.com/2021/07/29/irs-expands-employer-tax-credit-for-covid-vaccine-paid-time-off-to-include-workers-families.html

IRS sending out another 1.5 million tax refunds to people who overpaid on unemployment benefits

“Normally, unemployment benefits are subject to federal income tax. However, the American Rescue Plan, passed in March, decreed that up to $10,200 in jobless benefits would not be taxable. The change, passed after millions of jobless aid recipients already filed tax returns, meant that many were due refunds.”  Read more.

Irina Ivanova, 7/29/2021, CBS News, accessed 7/29/2021, https://www.cbsnews.com/news/unemployment-tax-refund-irs-overpayment-benefits/

IRS child tax credit 2021: Opt out deadlines, payment schedule and more

“If you’re eligible for the child tax credit, chances are you already got your July 15 payment, either by direct deposit or as a paper check in the mail. But when can you expect to get the next payment and when’s the last day to opt out of the payments if you’d rather wait until next year to get your money?”  See the full article.

Katie Teague, 7/29/2021, CNET, accessed 7/29/2021, https://www.cnet.com/personal-finance/taxes/irs-child-tax-credit-2021-opt-out-deadlines-payment-schedule-and-more/

CU Leaders Show New Confidence in Economy, Future for Lending

“NAFCU’s new Economic & CU Monitor report shows the number of credit union staff responsible for BSA/AML compliance had increased in the past five years, which roughly corresponds with the share of respondents reporting an increase in currency transaction reports (CTRs) filed by the credit union over the same timeframe, the association reported.”  Read more her.

CU Today, 7/28/2021, accessed 7/29/2021, https://www.cutoday.info/Fresh-Today/CU-Leaders-Show-New-Confidence-in-Economy-Future-for-Lending

LCUL Annual Meeting

“Get ready because Louisiana credit unions are celebrating the reunion of all reunions on August 4-6 in New Orleans. Itching to get back to the traditional conference? This is your opportunity. Not there yet due to budget/travel restrictions? We got you covered. To accommodate all of our classmates, LCUL is giving attendees the option to reunite in person or celebrate virtually with a hybrid event.”  LCUL conference details here.

Louisiana Credit Union League, accessed 7/29/2021, https://www.lcul.com/Development/AnnualMeeting.aspx

Griffin & Furman, CPA Firm

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