Will the 2022 tax filing season be normal? Covid-19 is still a concern, several stimulus tax laws are still be challenging for some filers, and new tax laws may have been enacted then that add more complexity.
National Taxpayer Advocate Erin M. Collins released her Annual Report to Congress on Wednesday, calling 2021 “the most challenging year taxpayers and tax professionals have ever experienced.” Lengthy delays by the IRS in processing tax returns and taxpayer correspondence, overwhelmed telephone assistance, shortcomings in the Service’s relatively new online taxpayer tools, and difficulties even for […]
After decreasing two years in a row, the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year, an increase of 2.5 cents per mile over the 2021 rate.
In three revenue procedures (Rev. Procs. 2021-48, 2021-49, and 2021-50) the IRS provided guidance Thursday on the treatment of amounts excluded from taxpayers’ gross income in connection with forgiveness of Paycheck Protection Program (PPP) loans. The AICPA had requested guidance in a March 15, 2021, letter to the IRS.
The IRS on Tuesday issued Fact Sheet 2021-13 updating its frequently asked questions (FAQs) concerning the child tax credit (CTC) and advance payments, telling taxpayers how to estimate and update their projected 2021 MAGI on the online Child Tax Credit Update Portal and explaining how modified adjusted gross income (MAGI) affects eligibility for, and the […]