WASHINGTON − The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns. The January 24 start date for individual tax return filers allows the IRS time...
WASHINGTON − The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their taxes. Taxpayers who paid too little tax during 2021 can still avoid a surprise tax-time bill and possible penalty by...
IR-2021-251, Dec. 17, 2021 WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use...
Required Minimum Distributions (RMDs) are minimum amounts that you must withdraw from your IRA or retirement plan account each year after you reach age 72 (70 ½ if you reach 70 ½ before Jan. 1, 2020). In a workplace retirement plan, you can delay taking...
Do you run a company with an at-home workforce, leaving you with employees now working in another state? Are you such an employee yourself? You may be facing some tax confusion. Having some basic understanding of what happens will help businesses make the right decisions about...
IR-2021-242, Dec. 6, 2021 WASHINGTON – The Internal Revenue Service today issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Infrastructure Investment and Jobs Act, which was enacted on Nov. 15, 2021, amended the law so that the Employee Retention Credit ...
It's been a very busy year at the IRS, with many special tax changes. Below is a review of some of the top issues you will want to discuss with your tax preparer as the year draws to a close and again when you meet...
WASHINGTON – With the 2022 tax season and the holidays rapidly approaching, the Internal Revenue Service, state tax agencies and the nation's tax industry today announced a special week focusing attention on taxpayers protecting sensitive financial information against identity thieves. Working together as the Security Summit,...
IR-2021-217, Nov. 8, 2021 WASHINGTON – The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help themselves file their federal tax returns in 2022. Planning ahead can help people file...
WASHINGTON — The Internal Revenue Service today announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2021-45 provides details about these annual adjustments. Highlights of changes in Revenue Procedure 2021-45: The...