The IRS recently announced that it has nearly caught up on a key group of individual tax returns filed during 2021, and business paper returns filed in 2021 will follow soon. Due to the pandemic, the IRS began 2022 with a larger than usual inventory of paper tax returns and correspondence filed during 2021. The […]
IRS Catching Up on 2021 Returns Read More »
If your company does business with New York, there is a new law that could impact your likelihood of winning work. Like many states and municipalities, New York (both City and state) is in the process of enacting pay transparency and equity laws. Recently, New York state lawmakers passed a bill requiring all contractors with
Pay Equity Requirement for New York Contractors Read More »
How hard would it be for you or your business to recover if you are hit by a natural – or even man-made – disaster? How long would it take for you to get back up and running? Recently, the IRS has reminded taxpayers that they need to create and regularly review emergency preparedness plans
Do You Have a Disaster Recovery Plan? Read More »
Back in January, we notified you of the 2022 increase in mileage rates to 58.5 cents per mile for business use. But as gas prices have continued to rise in the last few months, the IRS has raised the optional standard mileage rate again. Starting on July 1, the rate for business travel will jump
Mileage Rates Increases Again Read More »
A recent report by the Treasury Inspector General (IG) for Tax Administration focused on the need for the Internal Revenue Service to expand its electronic filing capabilities to better manage the processing of returns and address the current backlog. To put the need in context, the report highlighted the cost difference for processing a paper
More Businesses Need to E-File Read More »
The Connecticut General Assembly recently authorized a child tax rebate of $250 per child with a maximum of $750 to help families with children. To be eligible, you must meet all the following requirements: Be a resident of Connecticut Have claimed at least one child as a dependent on your 2021 federal income tax return
2022 Connecticut Child Tax Rebate Read More »
Did you invest in a Qualified Opportunity Zone Fund (QOF) in 2021? If so, you may have received, or may still get, a letter from the IRS if you need to take additional actions related to that investment. These letters are sent to taxpayers to inform them that the annual certification of investment standard is
Letters Sent to Taxpayers Missing Qualified Opportunity Fund Information Read More »
After 20 years with no increase, educators will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return for tax year 2022. The limit will rise in $50 increments in future years based on inflation adjustments. For 2022, if an eligible educator is married and files
Educator Deduction Increases for 2022 Read More »
IRS Commissioner Charles Rettig told members of the House Committee on Oversight and Reform’s Government Operations Subcommittee that the gap between taxes owed and taxes collected by the Internal Revenue Service could be approaching $1 trillion! (Yes, that is TRILLION with a “T”!) During an April 21, 2022, hearing of the subcommittee, Rettig noted updated tax gap
Tax Gap Close to $1 Trillion Read More »
False info about taxes is not all that uncommon, but recently the IRS addressed the following common myths about refunds: Myth 1: Calling the IRS or visiting an IRS office speeds up a refund. The best way to check the status of a refund is online through the “Where’s My Refund?” tool. Taxpayers can also call
Don’t Fall for These IRS Myths Read More »
Deputy Secretary of the Treasury Wally Adeyemo and IRS Commissioner Charles P. Rettig outlined an aggressive plan to end the backlog. One of the most challenging tax seasons in history, millions of taxpayers are still awaiting the processing of their tax returns and receipt of their refunds. The IRS’s backlog challenges stem from two key sources.
IRS & Treasury Working Hard to End Pandemic Backlog Read More »
It has been well documented that the IRS is understaffed and far behind on processing returns. To help answer some of the easier questions from taxpayers, the IRS has announced that it has begun using voice and chat bots on two of its specialized toll-free telephone assistance lines and IRS.gov. These features are being employed to
Your Next Call to the IRS Could be Answered by a Bot Read More »