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New Procedures to Resolve S Corporation and QSub Election

Bailey Scarano Blog, Tax & Money Tips / By

The IRS has released taxpayer assistance procedures to allow S corporations and their shareholders to resolve frequently encountered issues without requesting a private letter ruling (PLR). Correcting S Corporation & QSub Election Issues The new procedure addresses issues that generally do not affect the validity or continuation of an S corporation election, or of an […]

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What Should the IRS Do With New Funding?

Bailey Scarano Blog, Tax & Money Tips / By

Senate Finance Committee Chairman Ron Wyden recently shared his expectations for the recently allocated funds from the Inflation Reduction Act. In a letter to Department of the Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig, Chairman Wyden identified, in addition to not increasing the audit rates compared to historic levels for those making less

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Social Security Wage Cap and Benefit Amounts Increase for 2023

Bailey Scarano Blog, Tax & Money Tips / By

For 2023, the Social Security wage cap will be $160,200, and social security and Supplemental Security Income (SSI) benefits will increase by 8.7 percent. These changes reflect cost-of-living adjustments to account for inflation.   Wage Cap for Social Security Tax The Federal Insurance Contributions Act (FICA) tax on wages is 7.65 percent each for the

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2023 Inflation Adjustments for Pension Plans & Retirement Accounts

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently released the 2023 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions. In general, many of the pension plan limitations will change for 2022 because the increase in the cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. 

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Processing Delays Lead to Pandemic Business Relief Holdups

Bailey Scarano Blog, Tax & Money Tips / By

According to the Treasury Inspector General for Tax Administration, some businesses are still waiting for pandemic relief due to ongoing processing delays at the Internal Revenue Service. According to an August 31, 2022, report posted to the TIGTA web site, the IRS “did not begin processing claims for qualified Sick and Family Leave Credits and the Employee Retention

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IRS Infrastructure Upgrades Aim to Protect Honest Taxpayers

Bailey Scarano Blog, Tax & Money Tips / By

Upgrading the Internal Revenue Service’s antiquated IT infrastructure will help honest taxpayers, especially those making $400,000 or less, from being audited, Department of the Treasury Secretary Janet Yellen said. Speaking September 15, 2022, at an IRS facility in New Carrollton, Md., Yellen reiterated that the $80 billion in additional funds allocated to the IRS in the

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Improperly Forgiven Paycheck Protection Program Loan? The IRS Has News for You!

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently issued guidance to taxpayers who received forgiveness of their Paycheck Protection Program (‘PPP’) loan inappropriately, encouraging them to take steps towards compliance, including filing amended returns that include the forgiven loan amounts, as income. As you probably remember, the PPP loan program was established by the Coronavirus Aid, Relief and Economic Security Act (CARES

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