Tag: IRS
Infrastructure Bill ends ERTC for employers early
The recently passed $1.2 trillion Infrastructure Investment and Jobs Act includes key provisions affecting American employers, including an early end to the Employee Retention Tax Credit (ERTC), also referred to as the Employee Retention Credit (ERC). The ERTC was created in...
401(k) Contribution Limit increased to $20,500 in 2022
Starting in 2022, the maximum contribution that individual U.S. taxpayers can contribute to their 401(k) plans will increase to $20,500, up from $19,500 for 2021 and 2020. The limit on annual contributions to an IRA remains unchanged at $6,000. The...
IRS advises business owners to follow these steps when closing 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 officially "go out of business". Two important steps all business owners must take are fulfilling their federal...
Fourth round of healthcare Provider Relief Funds (PRF) available starting Sept. 29
A fourth round of Provider Relief Funding (Phase 4 General Distribution) will be available on the HHS portal beginning September 29 for healthcare providers who can demonstrate lost revenues and expenditures between 7/1/20 – 3/31/21. PRF Phase 4 will reimburse smaller...
Sixty day grace period announced for Provider Relief Funds’ Period 1 reporting deadline
The September 30, 2021 Reporting Period 1 deadline for Provider Relief Fund (PRF) recipients has not changed; however, in response to challenges providers are facing given the COVID-19 surges and natural disasters around the country, a 60-day grace period is...
Taxpayers should obtain Identity Protection PIN each year for tax filing security
In an effort to provide enhanced security to federal income taxpayers, the IRS is offering a voluntary, opt-in Identity Protection (IP) program for taxpayers. The PIN is a six-digit number known only to the taxpayer and the IRS and prevents someone else...
IRS offers ways to determine Reasonable Compensation in Not-for-Profit and For-Profit entities
The IRS, as part of their audit programs, regularly encounters contentious issues in a tax audit of a business. One of theses is determining the appropriateness of an amount of compensation paid to owner/employees. For instance: Businesses that pay compensation...
IRS clarifies changes to the rules regarding dependent care programs
Recent updates to IRS guidance has clarified taxability questions surrounding dependent care assistance programs for 2021 and 2022. Two new federal laws—the Consolidated Appropriations Act (CAA) and the American Rescue Plan Act (ARPA)—have created new opportunities for participants in flexible spending...
IRS postpones April 15 tax filing deadline to May 17
The IRS is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The postponement applies only to individual taxpayers, who can postpone their federal income tax...
Request a copy of filed 1040 or 1040 transcript with these IRS forms
Filers may seek a copy of a previously filed 1040 federal tax return in two ways: Request a copy of the tax return as filed (Form 4506). This request will provide an exact copy of what filed and the return...