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Tips from the IRS to Create a Smooth Tax Filing Season
The IRS is reminding taxpayers to electronically file accurate tax returns to speed refunds as more than 160 million individual tax returns are expected to be file 2021 tax returns. […]
Final Regulations Address Foreign Tax Credit Issues
The Treasury and IRS have issued final regulations affecting taxpayers that claim credits or deductions for foreign income taxes or claim a deduction for foreign derived intangible income (FDII). The […]
National Taxpayer Advocate Delivers Annual Report to Congress
The National Taxpayer Advocate (NTA), Erin M. Collins, has released her 2021 Annual Report to Congress. The NTA called the calendar year 2021 the most challenging year taxpayers and tax professionals […]
Deadlines Extended for Low-Income Housing Credit
The IRS (in Notice 2022-5) extended several deadlines related to the low-income housing credit, in response to the continuing coronavirus pandemic and precautions necessitated by new disease variants. The extensions […]
IRS Highlights 2021 Charitable Tax Benefit
Several leading nonprofit organizations, along with the IRS, have joined together to highlight a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 income tax […]
Tax Incentives Available to Manufacturing Companies
Those in the manufacturing industry bring vital products and jobs to Connecticut. Most were hit hard by the pandemic as well. As you start thinking about your 2021 taxes, don’t […]
Double Check Your Advance Child Tax Credit Payment Letter for Accuracy
Back in mid-December, we sent an alert encouraging you to keep two letters from the IRS since they will be important when we start preparing your 2021 tax returns. It […]
IRS Makes Case For More Funding
If you have tried to call the IRS any time in the last year or so, our bet is that you are still on hold. With all the changes in the […]
IRS Keeping an Eye on High Earners
If you are considered a high earner, this is not the year to play with your taxes. (Not that we ever recommend doing that!) The Internal Revenue Service is keeping the […]
Taxpayers Encouraged to Get IP PIN
The IRS is reminding and encouraging taxpayers to better protect themselves starting in January by joining the Service’s Identity Protection Personal Identification Number (IP PIN) program. Recent changes to the […]
IRS Releases 2022 Standard Mileage Rates
Mileage rates for 2022 are slightly up from those of 2021 due to inflation and other factors. These rates can be used to compute deductible costs of operating vehicles for […]
Be on the Lookout!
As 2021 comes to an end, we at Bailey Scarano are getting ready for the upcoming tax season. Keep your eyes open in early January for your paper or electronic […]