The Internal Revenue Service has detailed two areas of taxability stemming from the COVID-19 pandemic this week. These include the deductibility of personal protective equipment and taxation of emergency financial aid grants for students
An 8-percent drop in revenue from its professional services organization revenues contributed a a 1-percent decline in revenue for Paychex for the third quarter ended February 28. Meanwhile, payroll services revenue was virtually unchanged.
People & Moves
The Black CPA Centennial is honoring Mary T. Washington Wylie, who became the first female Black CPA in 1943. The Centennial this year is a collaborative effort of the AICPA, Diverse Organization of Firms, Illinois CPA Society, National Association of Black Accountants, and National Society of Black CPAs.
The number of returns received by the Internal Revenue Service for the 50 filing days ended April 2 reached 93,203,000, down 4.3 percent from the 97,366,000 received during the 60 days ended April 3, 2020. But instead of closing the gap on last year after pulling within .4 percent a week ago, the number of self-prepared returns fell back.
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