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IRS begins 2022 tax season and urges extra caution for taxpayers

WASHINGTON — The Internal Revenue Service today kicked off the 2022 tax filing season with an urgent reminder to taxpayers to take extra precautions this year to file an accurate tax return electronically to help speed refunds. The start…

IRS Highlights Expanded Depreciation and Expensing Rules

The IRS is highlighting tax reform changes that impact depreciation and expensing for nearly every business. In some cases, these changes allow small business owners and the self-employed to write off the cost of machinery, equipment and other…
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IRS finalizes centralized partnership audit regulations

The IRS on Friday issued final regulations (T.D. 9844) that implement the centralized partnership audit regime that now governs partnership audit procedures. The final regulations affect partnerships for tax years beginning after Dec. 31,…
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U.S. Wages See 3.5% Growth

Wages for U.S. workers grew 3.5 percent over the last year, increasing the average wage level by $0.95 to $27.81 an hour, according to the ADP Research Institute®Workforce Vitality Report (WVR) released today.  The growth, accelerating to…
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How the new tax law affects tax returns next year

The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year under the new tax law. This is the first in a series of reminders…