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Top 5 things to remember when filing income tax returns in 2022

WASHINGTON — With filing season beginning January 24, the Internal Revenue Service reminded taxpayers about several key items to keep in mind when filing their federal income tax returns this year. Given the unprecedented circumstances…
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All third Economic Impact Payments issued

WASHINGTON – The Internal Revenue Service announced today that all third-round Economic Impact Payments have been issued and reminds people how to claim any remaining stimulus payment they’re entitled to on their 2021 income tax return as…
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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…
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IRS announces 401(k) limit increases to $20,500

WASHINGTON — 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. The IRS today also issued technical guidance regarding…
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Interest rates remain the same for the first quarter of 2022

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2022. The rates will be: 3% for overpayments (two (2) percent in the case of a corporation), …
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Year-end giving reminder: Special tax deduction

WASHINGTON — The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily,…
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A 2021 Year-End Checklist for Small Business

Now that it’s officially in the 4th quarter of 2021, your clients will likely seek your advice about what needs to be accomplished before year-end. Accounting tasks aside, you can help guide them to wrap up their businesses’ compliance and…
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67% of U.S. Businesses Still Negatively Affected by Covid

The United States Census Bureau recently released the results of their ongoing Small Business Pulse Survey. The target population of the survey is single-location businesses with less than 500 employees. The Census Bureau, which began the survey…
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IRS sets forth required information for a valid research credit claim for refund

WASHINGTON — The IRS has set forth the information that taxpayers will be required to include for a research credit claim for refund to be considered valid. Existing Treasury Regulations require that for a refund claim to be valid, it must…