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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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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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