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NEWS & INSIGHTS

Navigating the Impact of IRS E-File Delays on Tax-Exempt Organizations

The IRS said Thursday that a limited number of tax-exempt organizations won't be able to electronically file their income tax returns until the middle of March due to technology upgrades.

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Understanding Required Minimum Distributions (RMDs) and Recent Changes Under the SECURE 2.0 Act

Beginning in 2023, the SECURE 2.0 Act changed the age when Required Minimum Distributions (RMDs) must begin to age 73 for taxpayers that are born after 1950.

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2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers

The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

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New Tax Legislation Aims to Benefit American Families and Businesses

The House of Representatives recently passed a significant tax bill known as the Tax Relief for American Families and Workers Act, which has the potential to bring several tax breaks back to life.

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2024 Flexible Spending Arrangement contribution limit rises by $150

During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses.

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IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023

The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving.

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Get ready to file in 2024: What’s new and what to consider

The Internal Revenue Service today urged taxpayers to take important actions now to help them file their 2023 federal income tax return next year.

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IRS provides tax inflation adjustments for tax year 2024

The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024.

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401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

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Qualified charitable distributions allow eligible IRA owners up to $100,000 in tax-free gifts to charity

The Internal Revenue Service today reminded individual retirement arrangement (IRA) owners age 70½ or over that they can transfer up to $100,000 to charity tax-free each year.

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IRS encourages employers to electronically file payroll tax returns

The Internal Revenue Service today reminded employers that the best way to file their next quarterly payroll tax return by the Oct. 31, 2023, due date is electronically.

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IRS: Beware of fake charities; check before donating

The Internal Revenue Service today warned taxpayers to be wary of criminals soliciting donations and falsely posing as legitimate charities.

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IRS announces withdrawal process for Employee Retention Credit claims

The Internal Revenue Service today announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim.

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Red flags for Employee Retention Credit Claims

The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC).

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IRS Orders Immediate Stop to New Employee Retention Credit Processing

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims.

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IRS Increases Scrutiny on Wealthy Taxpayers and Sophisticated Schemes

The IRS, leveraging Inflation Reduction Act funding, is intensifying its compliance focus on high-income earners and large entities, employing Artificial Intelligence to detect tax evasion.

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IRS Extends Transition Period for New Roth Catch-up Requirement Until 2026

The IRS has extended the transition period for the new Roth catch-up contribution requirement to 2026 and confirmed that individuals aged 50 and over can still make catch-up contributions after 2023.

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Inflation expected to drive up tax bracket limits in 2024

A new report by Bloomberg Tax indicates that inflation-adjusted figures within the Tax Code are expected to rise by 5.4% in 2024.

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Tax considerations when selling a home

Many people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.

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Business travelers should check out these deductions before hitting the road

Business travel deductions are available for certain people who travel away from their home or main place of work for business reasons.

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Should Wealthy Clients Delay Taking Social Security?

Wealthy clients who have no immediate need for Social Security benefits at retirement often choose to delay taking them until age 70 or beyond.

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IRS payment plan options – Fast, easy and secure

Most taxpayers qualify for an IRS payment plan (or installment agreement) and can use the Online Payment Agreement (OPA) to set it up to pay off an outstanding balance over time.

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Installing Solar Panels Or Making Other Home Improvements May Qualify Taxpayers For Home Energy Credits

Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits.

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HSA limits get another big bump

Inflation-adjusted amounts for health savings accounts (HSAs) are set to increase yet again, according to the Internal Revenue Service (IRS).

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Inherited Retirement Plan? How to Easily Understand Payout Rules

Overall, this article provides a comprehensive overview of the different beneficiary groups and their corresponding payout rules for inherited retirement plans.

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What taxpayers should do when the receive Form 1099-K

If taxpayers receive a Form 1099-K, they should use that information with their other tax records to determine their correct tax liability.

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Options for taxpayers with a tax bill they can’t pay

Taxpayers who can’t pay their tax bill by the April 18, 2023, deadline shouldn’t panic. The IRS offers several options to help them meet their obligations.

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Filers should know about changes to common credits and deductions

Taxpayers who haven’t filed yet should make sure they’re familiar with the changes to credits and deductions for tax year 2022 to help them file an accurate return by the April 18, 2023, deadline.

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Required Minimum Distributions

You can meet your RMD requirement by taking a withdrawal from one or more of your traditional IRAs, or SEP, SIMPLE and SARSEP IRAs.

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Tax Tip 2023-38: Don’t fall for these federal tax refund myths

Once people complete and file their tax return, many of them eagerly await any refund they may be owed. Learn facts from fiction in this post.

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IRS introduces new service industry tip reporting program

The Treasury Department and Internal Revenue Service today issued Notice 2023-13 to establish the Service Industry Tip Compliance Agreement (SITCA) program.

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Interest rates remain the same for the second quarter of 2023

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2023.

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Tax Time Guide: Things to consider when filing a 2022 tax return

With the 2023 tax filing season in full swing, the Internal Revenue Service reminds taxpayers to gather their necessary information and visit IRS.gov for updated resources and tools to help.

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IRS sets January 23 as official start to 2023 tax filing season; more help available for taxpayers this year

The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

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IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

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CORRECTION: IRS issues standard mileage rates for 2023; business use increases 3 cents per mile

The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving.

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SECURE 2.0 Act of 2022 Makes Sweeping Changes to Retirement Savings Plans; Overhauls Retirement Plan Tax Rules

SECURE 2.0 covers numerous changes to retirement provisions designed to increase retirement savings, facilitate access to retirement savings, encourage employees to save for retirement, and more.

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Year-End Strategies for Business Tax Planning

As the year draws to a close, here are some year-end strategies that might help your business's taxable income for 2022.

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Tax Strategy: Prospects for Year-End Tax Legislation

In the current Congress, there will be considerable pressure to take some action. A new budget for the 2023 fiscal year has not yet been approved, along with the related spending bill.

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Reminder to IRA Owners Age 70½ or Over: Qualified Charitable Distributions are Great Options for Making Tax-Free Gifts to Charity

The Internal Revenue Service today reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year.

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Individual Tax Planning Strategies for 2022

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Employers warned to beware of third parties promoting improper Employee Retention Credit claims

The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify.

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IRS provides tax inflation adjustments for tax year 2023

The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.

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401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.

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IRS Raises Per Diem Rates for Business Travel 2022-2023 Special Per Diem Rates

The IRS announces 2022-2023 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home.

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The Department of Energy’s Full List of Electric Vehicles that Currently Qualify for the Credit

In an effort to encourage electric vehicle production and mass adoption, the Inflation Reduction Act was recently signed.

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IRS Announces Interest Rate Increases for the Fourth Quarter of 2022; 6% Rate Applies to Most Taxpayers Oct. 1

The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct. 1, 2022.

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IRS relieves penalties for 2019 and 2020

A broad range of tax and information returns for 2019 and 2020 tax years will receive automatic relief from failure-to-file penalties, under Notice 2022-36 released by the IRS Wednesday.

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September is National Preparedness Month; IRS urges everyone to update and secure their records to prepare now for natural disasters

September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places everyone needs a solid strategy.

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Top 5 Things Dairies Need to Know about the Employee Retention Credit

The Employee Retention Credit (ERC) is a powerful federal incentive meant to offset issues for business owners but there is some uncertainty in many communities about how the credit works.

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Tax Advice for Claiming a Dependent Who Works

When your dependent enters the workforce for the first time, you may find yourself wondering how their employment status affects your tax situation.

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COVID Tax Tip 2022-99: An Overview of the IRS’s 2022 Dirty Dozen Tax Scams

Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime.

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Here’s What Tax Payers Need to Know About Business Related Travel Deductions

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast.

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People Should Know if Their Pastime is a Hobby or a Business

From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit.

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IRS Increases Mileage Rate for Remainder of 2022

The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022.

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IRS updates feature on ‘Where’s My Refund?’ Taxpayers can now track refunds for past two years

The Internal Revenue Service made an important enhancement to the “Where’s My Refund?” online tool this week, introducing a new feature for taxpayers.

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Here’s what businesses need to know about the enhanced business meal deduction

The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return.

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IRS revises 2021 Child Tax Credit and Advance Child Tax Credit frequently asked questions

The IRS issued a revised set of frequently asked questions for the 2021 Child Tax Credit on May 20, 2022.

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IRS Interest Rates Increase for the Third Quarter of 2022

In the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points, and the overpayment rate is the federal short-term rate plus two percentage points.

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What Elevated Inflation Means for Retirement Savers

Inflation may have you worried about your retirement. In April, the consumer price index, which measures the prices of goods and services, notched an 8.3% increase from the year-earlier period.

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Important Tax Reminders for People Selling a Home

A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.

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Treasury Greenbook proposes to raise taxes on corporations and wealthy

The Treasury Department released its “Greenbook” Monday detailing the tax proposals in the Biden administration’s budget, including plans to raise the corporate tax rate to 28%.

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IRS reminds taxpayers they must check a box on Form 1040, 1040-SR or 1040-NR on virtual currency transactions for 2021

All taxpayers filing Form 1040, Form 1040-SR or Form 1040-NR must check one box answering either “Yes” or “No” to the virtual currency question. The question must be answered by all taxpayers.

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EIDL Borrowers Receiving Additional Six-Month Deferment

The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months.

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IRS Launches Resource page on IRS.gov with Latest Details and Information for Taxpayers During Filing Season

The Internal Revenue Service today announced a special new page on IRS.gov to provide the latest details and information affecting the 2022 filing season.

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IRS Provides Additional Updates to Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit

The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.

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IRS Reminds Taxpayers their Social Security Benefits may be Taxable

The IRS reminds taxpayers receiving Social Security benefits that they may have to pay federal income tax on a portion of those benefits.

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IRS Continues Work to Help Taxpayers; Suspends Mailing of Additional Letters

As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters.

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Taxpayers Must Report Gig Economy Earnings When Filing Taxes

Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The IRS offers several resources to help gig economy taxpayers properly fulfill their tax responsibilities

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Taxpayer Advocate Warns of Tax Refund Delays this Season

The National Taxpayer Advocate, Erin Collins expressed her deep concerns about the upcoming tax filing season in a recent report to Congress.

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IRS Adjusts Tax Item Amounts for 2021 Due to Inflation

The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.

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Ranges for IRA Eligibility Change for 2021

Income ranges for eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the Saver’s Credit will all increase for 2021.

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IRS clarifies deductibility of PPP loan expenses, as AICPA criticizes forgiveness questionnaire

The IRS and the Treasury Department have issued guidance for the tax treatment of expenses when a loan from the SBA's Paycheck Protection Program is not forgiven by year's end.

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Employee Retention Credit Under COVID-19 Relief

Here is a recap of the Employee Retention Credit under the CARES Act and the higher-impact modifications under the latest COVID-19 Relief Package.

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New IRS Form Lets Self-Employed Claim Sick and Family Leave Credits

A new federal form from the Internal Revenue Service aims to help the self-employed claim sick and family leave tax credits under the Families First Coronavirus Response Act.

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IRS Offers Guidance on Employee Retention Credit and PPP Eligibility

The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.

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Summarizing the Tax Provisions of the New Covid Stimulus Plan

The American Rescue Plan (ARP) Act provides a wide array of tax-related benefits for individuals.

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SBA Defers EIDL Payments until 2022

Small businesses that received a COVID-19 Economic Injury Disaster Loan (EIDL) won’t have to start making payments on the loan until 2022.

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IRS ups tax credit amounts for inflation after American Rescue Plan

The Internal Revenue Service is increasing the inflation-adjusted amounts of the Child Tax Credit and Earned Income Tax Credit for this year in accordance with the latest coronavirus relief package.

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What’s in Biden's $1.8T spending plan

President Joe Biden’s administration on Wednesday unveiled a $1.8 trillion, 10-year plan to ramp up federal support for American families.

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Biden calls for raising taxes on capital gains and wealthy

President Biden’s American Families Plan would provide tax credits for families and low-income workers, but eliminate a popular tax break for inheritances and raise taxes on capital gains.

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Inflation brings big changes in tax brackets

The high inflation amounts that households and businesses have been experiencing this year are likely to lead to larger increases in tax brackets and other inflation-adjusted tax items in 2022.

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Early Sunset of the Employee Retention Credit gets Penalty Relief

Employers that received an advance payment of the employee retention credit (ERC) may repay or deposit the taxes without penalty under guidance issued Monday by the IRS.

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Standard Mileage Rates to go up in 2022

the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year.

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Infrastructure bill tax provisions include ERC termination

There are relatively few tax provisions in the infrastructure legislation, but more extensive changes may be coming in a fiscal year 2022 budget reconciliation bill that remains under consideration.

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IRS issues inflation adjustments for 2022 returns

The IRS issued Rev. Proc. 2021-45 Wednesday, November 10, 2021, adjusting for inflation a wide array of amounts applicable to the 2022 tax year.

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Social Security wage base, COLA set for 2022

The maximum amount of an individual's taxable earnings in 2022 subject to Social Security tax will be $147,000, the Social Security Administration (SSA) announced Wednesday.

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Tax Strategy: Year-end planning amid tax uncertainty

It seems like most years we say that year-end planning is especially important. Part of the reason for that is that Congress tends to enact tax law changes every year.

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$600 is now $10,000 when it comes to tax dodging, and the IRS wants to crack down

The Biden administration has proposed requiring all financial institutions to report annually to the IRS all of a consumer’s transactions if they total at least $10,000.

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Democrats’ tax plan kills backdoor Roths, sharply curbs founder stock loophole

Farewell to backdoor Roth conversions and goodbye to half of a massive tax break for many entrepreneurs and their original investors.

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2022 tax filing season begins Jan. 24

The Internal Revenue Service said Monday that it will begin processing and accepting 2021 tax returns on Monday, Jan. 24, and the filing deadline will be Monday, April 18.

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Hurricane Ida tax relief extended to Feb. 15 for part or all of 6 qualifying states

Victims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from Jan. 3, to file various individual and business tax returns and make tax payments, the IRS announced.

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IRS announces 401(k) limit increases to $20,500

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020.

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Retirement and taxes: Understanding IRAs

Individual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security for their retirement.

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Important additional guidance for employers claiming the employee retention credit

The IRS recently issued further guidance on the employee retention credit as it applies to employers who pay qualified wages after June 30, 2021, and before January 1, 2022.

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I want to gift my business, but what's the right strategy for minimizing taxes?

Due to low interest rates, high estate tax exemption and depressed business valuations, many small business owners are considering gifting a portion or all their equity in order to transfer future app

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The Best Back to School College Tax Breaks for 2021

The summer season is quickly coming to an end, and for many students that means it's time to get back into the school routine. To make this transition easier on your wallet, here are some of the best.

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US Small Business Administration to Unveil Online Forgiveness Portal for PPP Borrowers

The SBA hopes to simplify the process of forgiveness for millions of small businesses that survived the pandemic with loans from the Paycheck Protection Program.

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A Few Tips For Opting Out Of Advance Payments Of The Child Tax Credit

Many tax professionals are predicting that most taxpayers are going to neglect to opt out of the Advance Child Tax Credit (CTC) for many different reasons. Regardless, you may end up surprised, frustr

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IRS: Some people get more time to file without asking; Anyone else can request an automatic extension

Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.

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