IRS

IRS issues guidance regarding the retroactive termination of the Employee Retention Credit

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 ...

17 December, 2021

Tax Items To Check as the Year Winds Up

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...

10 December, 2021

Scam risks remain during pandemic; Security Summit focuses special week on taxpayer, tax professional protection against identity theft

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,...

03 December, 2021

Get ready for taxes: Easy steps taxpayers can take now to make tax filing easier in 2022

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...

26 November, 2021

IRS Provides Tax Inflation Adjustments For Tax Year 2022

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...

19 November, 2021

IRS Announces 2022 Limits for Retirement Plans

The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $20,500, up from $19,500. IRA...

12 November, 2021

Small Business Advertising and Marketing Costs May Be Tax Deductible

The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include expenses for advertising and marketing. Here are some details about this valuable tax deduction that can help small businesses save money on...

05 November, 2021

What Employers Need To Know When Classifying Workers as Employees or Independent Contractors

It is critical for business owners to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered anyone who performs services, if the business can control what will be done and how it will be done. What matters is...

29 October, 2021

The Tax Responsibilities That Come With Shutting Down A Business

There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax responsibilities and informing the IRS...

22 October, 2021

IRS: New contracts awarded to private collection agencies; taxpayers may be contacted by one of three groups

WASHINGTON — The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today’s expiration of the old contracts. Beginning Thursday, Sept. 23, 2021, taxpayers with unpaid tax bills may be contacted...

15 October, 2021

IRS