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IRS Announces that it will be Sending Out Information Letters

January 3, 2022 Dear Clients, Colleagues and Friends, The Internal Revenue Service will be sending information letters to recipients of Advance Child Tax Credit Payments and third Economic Impact Payments that were paid during 2021. Taxpayers who received these payments will need the information provided on these letters to prepare their 2021 individual income tax […]

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December 2021 Newsletter

Wayne Naegele discusses, “PPP Tax-exempt Income Timing and Basis Adjustment Guidance Issued”. Steve Grgas examines, “IRS Releases 2022 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts”. Lee Forman takes a look at, “Guidance Released for Tax Treatment and Reporting Requirements for HAF Payments”.

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President Biden Signs Infrastructure Bill

President Biden Signs Infrastructure Bill The bipartisan infrastructure bill passed the House of Representatives in a late night vote on November 5 by a 228-206 vote with 13 Republicans crossing the aisle to get the bill across the finish line after 6 Democrats voted the bill down. President Biden signed the infrastructure bill into law […]

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IRS Releases 2022 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts

IRS Releases 2022 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts The IRS has released the annual inflation adjustments for 2022 for the income tax rate tables, plus more than 56 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation. 2022 Income Tax BracketsFor 2022, the highest income […]

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2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released

2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released The 2022 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. 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 […]

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PPP Tax-exempt Income Timing and Basis Adjustment Guidance Issued

PPP Tax-exempt Income Timing and Basis Adjustment Guidance Issued The IRS has released additional Paycheck Protection Program (PPP) loan forgiveness guidance. The guidance addresses (1) timing issues; (2) partner and consolidated group member basis adjustments; and (3) filing of amended partnership returns and information statements. Timing of Tax-exempt IncomeA taxpayer that received a PPP loan […]

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Guidance on Applying Per Diem Rules to Fully Deductible Restaurant Meals

Guidance on Applying Per Diem Rules to Fully Deductible Restaurant Meals The IRS issued guidance related to the application of the per diem rules under Rev. Proc. 2019-48 to the temporary 100-percent deduction for business meals provided by a restaurant. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 ( P.L. 116-260) temporarily increased the deduction from […]

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Guidance Released for Tax Treatment and Reporting Requirements for HAF Payments

Guidance Released for Tax Treatment and Reporting Requirements for HAF Payments The IRS has released guidance which addresses the federal income tax treatment and information reporting requirements for payments made to or on behalf of financially distressed individual homeowners by a state with funds allocated from the Homeowner Assistance Fund (HAF). The fund was established […]

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Simple Steps to Assist Taxpayers Make 2022 Tax Filing Easier

Simple Steps to Assist Taxpayers Make 2022 Tax Filing Easier The IRS has urged taxpayers, including ones who received stimulus payments or advance Child Tax Credit payments, to follow some easy steps for accurate federal tax returns filing in 2022. Organized tax recordsTaxpayers can easily prepare complete and accurate tax returns with the help of organized […]

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G20 Endorses Global Corporate Minimum Tax Rate of 15-Percent

G20 Endorses Global Corporate Minimum Tax Rate of 15-Percent All members of the G20 on October 30 endorsed a global corporate minimum tax rate of 15 percent in an effort to eliminate countries slashing corporate tax rates and creating tax shelters to attract large multinational corporations. The agreement comes on the heels of an international […]

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