As 2022 approaches (the 2021 tax year), we’re breaking down this year’s coming annual inflation adjustments and more than 60 tax provisions as detailed in Revenue Procedure 2020-45. In addition to this IRS released The Consolidated Appropriation Act … Continue reading
Fraud has been committed against a federal COVID-19 relief program for small businesses and nonprofits, however, not as much as initially feared according to an audit. Only about 2% of the COVID-19 Economic Injury Disaster Loans and EIDL Advance … Continue reading
The Biden administration is considering placing another extension on the moratorium for student-loan payments. The moratorium is currently set to close in January, however, we should know if it will be extended fairly soon, as the Education Department said … Continue reading
The IRS issued new guidance deductions related to automobile costs through Notice 2022-03, with key changes including optional standard mileage rates, used to calculate the deductible costs of operating an automobile
President Joe Biden has recently acknowledged that his $2 trillion economic proposal likely will not clear Congress this year. This means 2021 is going to come to an end with no real accomplishment in reforming social and climate policy. … Continue reading
At the conclusion of their two-day policy meeting today, we are likely to see an acceleration to the wind-down of bond-buying stimulus program come from Federal Reserve officials. This would be a pretty clear indicator that we are likely … Continue reading
The IRS being backed up comes as a shock to few this year, following last year’s closure of the IRS’s offices there has been a game of catch-up ever since. Recently, a group of 99 … Continue reading
As we are getting close to wrapping up 2021, many will be getting in their year-end charitable donations. Before making these contributions, it would likely be in your best interest to review some key changes made to enhance tax … Continue reading
This past week the IRS announced it is rolling out the ability to electronically file the new schedules K-2 and K-3 next year, but not at the beginning of