The Internal Revenue Service announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay,…
Category: Taxes
Employers Beware of 3rd Parties Promoting Improper ERC Claims
Some third parties are taking improper positions related to taxpayer eligibility for computation of the Employee Retention Credit.IR-2022-183 The Internal Revenue Service (IRS) is warning employers to be wary of…
What is the Inflation Reduction Act?
The Inflation Reduction Act lowers prescription drug costs, health care costs, and energy costs. It’s the most aggressive action on tackling the climate crisis in American history, which will lift…
Where's Your Tax Refund?
Still waiting on that Tax Refund? Unfortunately, you are not alone. National Taxpayer Advocate Erin Collins announced that as of the end of May, 21.3 million paper-returns are currently backlogged,…
2022 Mid Year Mileage Rate Increase
Did you hear the news? The IRS announced that starting July 1st 2022, the optional standard mileage rate would be increasing for the final six months of the year. Midyear…
Gambling Winnings & Losses - How does it work?
The Tax Cuts and Jobs Act (TCJA), enacted at the end of 2017, suspended certain deductions for 2018 through 2025. For example, you can’t currently deduct any miscellaneous expenses, including…