Get Ready For 2022 Taxes

Dec 7, 2021 | IRS, tax season

2022 Taxes The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their federal tax returns in 2022, including special steps related to Economic Impact Payments and advance Child Tax Credit payments. Check on advance...

IRS Provides Guidance on Per Diem Rates

Nov 16, 2021 | IRS, Tax Deductions

Temporary 100% Deduction for Food or Beverages From Restaurants The Internal Revenue Service issued Notice 2021-63 PDF to make clear how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules of...

IRS Announces 401K Limit Increase

Nov 8, 2021 | IRA, IRS

The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS also issued technical guidance regarding all of the cost‑of‑living adjustments affecting...

Relief For Work Opportunity Tax Credit

Aug 17, 2021 | IRS, Tax Credit

The Internal Revenue Service announced it is providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC).  The WOTC is a federal income tax credit available to employers that hire certified members of certain groups specified in...

“Dirty Dozen” Tax Scams

Jun 28, 2021 | IRS

The Internal Revenue Service began its “Dirty Dozen” list for 2021 with a warning for taxpayers, tax professionals and financial institutions to be on the lookout for these 12 nefarious schemes and scams. This year’s “Dirty Dozen” will be...

Interest Rates Remaining The Same For Third Quarter

May 31, 2021 | IRS

The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021. The rates will be: 3% for overpayments (two (2) % in the case of a corporation), 0.5% for the portion of a corporate overpayment exceeding...