Did you drive Uber to make some extra money this year? Or dabble in cryptocurrency? The IRS is reminding taxpayers of reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income, or holding certain foreign assets. Generally, income earned from the gig economy is taxable and must be […]
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It is well documented that the IRS is understaffed, underfunded, and behind on processing returns. So if you want to know the status of your refund, calling them is not the best, or quickest, route to an answer. The fastest and easiest way to check on tax refunds is by using the “Where’s My Refund?“ tool on
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The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2022 as well as the lease inclusion amounts for business vehicles first leased this year. Luxury Passenger Car, SUV, Truck, and Van Depreciation Caps The luxury car depreciation caps for a passenger cars, SUVs, trucks, and vans placed in
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The Internal Revenue Service is halting its plans for widespread implementation of a system that would have required taxpayers to use facial recognition and authentication to access services on the agency’s website. In a February 7 statement released by the IRS, the agency said “it will transition away from using a third-party service for facial recognition
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Hackers and others looking to separate you from your money seem to be working overtime lately. This time of year always brings an uptick on tax-related hacking attempts. Add to that the Ukrainian war, and our natural inclination to help those in need, and you have a perfect storm of fraud attempts. With that in
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A corporate minimum tax is needed to provide tax relief to the working and middle class, Department of Treasury Secretary Janet Yellen said. “Over the past several decades, the burden of taxation – in the United States and globally – has shifted away from corporations and on the middle class,” Secretary Yellen said January 21 during the
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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. The tax deadline this year is on April 18 due to the Emancipation Day holiday in Washington, D.C. As several critical tax law changes took
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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 regulations finalize 2020 proposed regulations and address the: Disallowance of a foreign tax credit or deduction for foreign income taxes under Code Sec. 245A(d) Determination of
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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 have ever experienced. The report states that tens of millions of taxpayers experienced delays in the processing of their returns, with 77 percent of individual
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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 generally apply to deadlines that occur between April 1, 2020 and December 31, 2022, for the: 10-percent test for carryover allocations 24-month minimum rehabilitation expenditure
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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 return. This pandemic-related provision allows married couples filing jointly to deduct up to $600 in cash donations and individual taxpayers can deduct up to $300
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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 miss out on a variety of tax incentives available to manufacturers. While you may not qualify for all of them, it is well worth your
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