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.
Should You File Protective Claim For A Refund For 2017?
The Supreme Court has agreed to hear the court case California v. Texas regarding the constitutionality of the Affordable Care Act, now that the individual mandate has been eliminated. If the Affordable Care Act is declared unconstitutional, then federal income taxes paid based on this and its associated legislation may be declared refundable.
Paycheck Protection Program – Round 2
The second round for the SBA – Paycheck Protection Program has arrived for business owners. Business owners who did not apply for a PPP loan the first time around, are now eligible to apply, along with second time borrowers who need the additional assistance.
Inflation Adjustments for 2021
As the end of 2020 grows near, many Americans around the country are planning for the 2021 New Year. As of October 26th, the IRS released their annual inflation adjustments for the 2021 tax year.
IRS Collection Notices
The Internal Revenue Service is kicking it back into gear as we enter the last few months of the year after encountering the same difficulties that we all have been facing throughout this year’s pandemic.
Year End Tax Planning
2020 has brought its fair share of economic and financial struggles across the globe due to the Covid-19 pandemic forcing many individuals and business owners alike to re-evaluate their financial situation and how they operate their businesses moving forward.