2021

The IRS has begun sending out informational letters to taxpayers who received the 3rd Economic Impact Payment (EIP) and the Advanced Child Tax Credit during the 2021 calendar year. The following article provides details about the information included in the letters.  If you receive one or both

As we near the end of another year, it is a good practice to ensure your business complies with confirming its good standing with its State.  We recommend reviewing the following eight items to ensure your business’ legal and compliance tasks are covered. Annual Report Filings Member

The IRS has updated its online identity verification process when accessing your IRS.gov taxpayer accounts.  ID.me will be used going forward, adding another layer of protection to taxpayer data.  To verify their identity with ID.me, the taxpayer will need to provide a picture of their driver’s license,

With year-end approaching, the following ideas may help lower your tax bill for 2021 and 2022. This year’s planning is more challenging due to the uncertainty surrounding pending legislation. Whether or not tax increases become effective next year, the standard year-end approach of deferring income and accelerating

The Infrastructure Bill (IIJA) was signed into law by the President on November 15, 2021.  Although this Bill is not primarily a tax bill, there are some tax provisions included.  One of the most discussed tax provisions is the new information reporting requirements for Digital Assets.  This

The House passed the Infrastructure Investment and Jobs Act (IIJA) on 11/5/2021, which the Senate passed in August.  The bill is currently on the President’s desk awaiting signature and it is presumed it will be signed into law. A significant change to ERC can be found in

The IRS has released updated contribution maximums and income thresholds for contributions to retirement plans, including IRAs, 401(k)s, SIMPLE Plans, and other retirement plans. A few highlights from the article: The calendar year 2022 401(k) plan contribution maximum amount has increased to $20,500, up from $19,500 the

We continue to warn our clients about potential tax scams and schemes proliferating through our society.  These con artists work around the clock, and we are sending this reminder to remain vigilant to avoid being caught in one of these unsavory scams or schemes. As a reminder,

The IRS will be sending informational notices to self-employed taxpayers and household employers who deferred certain Social Security taxes on their 2020 Form 1040 under the CARES Act.  The notice will remind these taxpayers that the first installment is due by December 31, 2021, and the remainder

The 2022 Social Security wage base and benefits increase (Cost of Living Adjustment-COLA) was released by the Social Security Administration on October 13, 2021 For 2022, taxable earnings up to a maximum of $147,000 are subject to Social Security tax, officially called old age, survivors, and disability