IRS Late Filing Penalty Relief
With continued efforts to support taxpayers who were affected by the pandemic, the IRS announced on August 24, 2022, that it will provide penalty relief to most individual and business taxpayers who filed a delinquent 2019 or 2020 tax return due to the Covid pandemic.
A Deeper Understanding of the Inflation Reduction Act of 2022
In continuation of our previous newsletter regarding the Inflation Reduction Act (IRA) of 2022, we wanted to provide you with additional details regarding the recently passed bill, known as the IRA, which was signed into law on August 16th, 2022.
The Inflation Reduction Act of 2022
After numerous weeks of grueling negotiations between Senate Democrats and their constituents, the Inflation Reduction Act of 2022 was passed through the Senate on Sunday, August 6, 2022.
Revisiting the Employee Retention Credit
Back in March of 2021, our firm released a newsletter article explaining the advantages of the Employee Retention Credit, Changes to the PPP Loans, and the Stimulus bill that was passed.
Annual Inflation Adjustments for 2022
As the end of 2021 grows near, many Americans around the country are looking forward to welcoming 2022 New Year. As of Wednesday November 10th, the IRS released their annual inflation adjustments for the 2022 tax year, including tax rate schedules, tax tables and cost-of-living adjustments.
The Future of IRS Service Levels
It isn’t a surprise to know that dealing with the IRS is never a walk in the park. From long hold times while on the phone, to disconnected and unanswered calls, many taxpayers & CPAs alike have expressed their frustration with the current IRS service levels this past tax season.
Increased Tax Audits are on the Horizon
On May 28, 2021, Biden announced his plans to seek $6 trillion in federal spending for the 2022 fiscal year to invest in the country’s deteriorating infrastructure and economic reform.
Obamacare Survived Again
On June 17, 2021, The U.S. Supreme Court issued a 7-2 ruling that keeps the Affordable Care Act (ACA) alive.
2021 Advanced Child Tax Credit Payments
Starting in July, millions of families across the U.S. will be eligible to receive advanced payments from the 2021 child tax credit thanks to the American Rescue Act, which was signed into law in March 2021.