Tax & Current Accounting Topics

IRS Financial Report available on IRS.gov

 https://www.irs.gov/newsroom/irs-fina...

 https://accountinginstruction.info/

The Internal Revenue Service published its Financial Report on IRS.gov today.

IRS updates 2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions 

https://www.irs.gov/newsroom/irs-upda... 

https://accountinginstruction.info/

The Internal Revenue Service today updated frequently-asked-questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit Payments to describe how taxpayers can now provide the IRS an estimate of your 2021 income using the Child Tax Credit Update Portal (CTC UP).

IRS Tax Tip Here’s how businesses can deduct startup costs from their federal taxes

 https://www.irs.gov/newsroom/heres-ho... 

https://accountinginstruction.info/

When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business.

IRS Tax Tip  Taxpayer Advocate Service: Helping taxpayers navigate their IRS issues or concerns 

https://www.irs.gov/newsroom/taxpayer... 

https://accountinginstruction.info/

The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers and protects taxpayers' rights.

Get ready for taxes: Easy steps taxpayers can take now to make tax filing easier in 2022 

https://www.irs.gov/newsroom/get-read... 

https://accountinginstruction.info/

The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help them file their federal tax returns in 2022.

COVID Vaccine Reversal

COVID Tax Tip IRS help for employers wanting to rehire retirees or keep them after retirement age 

https://www.irs.gov/newsroom/irs-help... 

https://accountinginstruction.info/

The IRS reminds employers they generally won't jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan's normal retirement age.

IRS announces 401(k) limit increases to $20,500 

https://www.irs.gov/newsroom/irs-anno... 

https://accountinginstruction.info/

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020.

More Ida relief from IRS: Sept. 15, Oct. 15 deadlines, other dates extended to Jan. 3 for parts of Connecticut 

https://www.irs.gov/newsroom/more-ida... 

https://accountinginstruction.info/

Victims of Hurricane Ida in parts of Connecticut now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

IRS Tax Tip People can stay connected to the IRS through social media and e-news subscriptions 

https://www.irs.gov/newsroom/people-c... 

https://accountinginstruction.info/

Taxpayers can stay in the know on all things tax-related by following the IRS verified social media accounts and subscribing to the agency's e-news services. Here are some details about these valuable information resources.