Simplified Return Filing Procedures Let Individuals Claim 2021 Child, Recovery Rebate and Earned Income Credits

Simplified Return Filing Procedures Let Individuals Claim 2021 Child, Recovery Rebate and Earned Income Credits Individuals who are not required to file tax returns for 2021 may use simplified procedures to file returns to claim: The 2021 child credit, which was expanded and increased for 2021. The IRS may have paid up to one-half of […]

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 […]

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021 The IRS has issued guidance for employers claiming the employee retention credit under Code Sec. 3134, enacted by section 9651 of the American Rescue Plan Act of 2021 (ARP), P.L. 117-2, which provides a credit for wages paid after June 30, 2021, and before […]

Strengthening Tax Breaks to Promote Manufacturing Gets Bipartisan Support

Strengthening Tax Breaks to Promote Manufacturing Gets Bipartisan Support Strengthening tax breaks to promote manufacturing received strong bipartisan support at a Senate Finance Committee hearing on March 16. Creating new incentives and making temporary ones permanent are particularly critical for helping American competitiveness in semiconductors, batteries and other high-tech products, Senate Banking Chair Ron Wyden […]

IRS Unopened Mail Backlog is Gone, Says Rettig

IRS Unopened Mail Backlog is Gone, Says Rettig IRS Commissioner Charles “Chuck” Rettig told Congress on February 23 that the backlog of 20 million unopened pieces of mail is gone. “There were trailers in June filled (with unopened paper returns). There are none today,” Rettig said in an appearance before the House Appropriations Committee Financial […]

Cash Rewards for Money Order, Debit Card Purchases Included in Income

Cash Rewards for Money Order, Debit Card Purchases Included in Income The Tax Court ruled that rewards dollars that a married couple acquired for using their American Express credit cards to purchase debit cards and money orders—but not to purchase gift cards—were included in the taxpayers’ income. The court stated that its holdings were based […]

National Virtual Settlement Days Announced

National Virtual Settlement Days Announced The IRS Office of Chief Counsel has embarked on its most far-reaching Settlement Days program by declaring the month of March 2021 as National Settlement Month. This program builds upon the success achieved from last year’s many settlement day events while being shifted to virtual format due to the pandemic. […]

Individual Not Entitled to Innocent Spouse Relief

Individual Not Entitled to Innocent Spouse Relief An individual who owned a limited liability company (LLC) with her former spouse was not entitled to relief from joint and several liability under Code Sec. 6015(b). The taxpayer argued that she did not know or have reason to know of the understated tax when she signed and […]

Penalty Not Timely Approved by Revenue Agent’s Supervisor

Penalty Not Timely Approved by Revenue Agent’s Supervisor A married couple’s civil fraud penalty was not timely approved by the supervisor of an IRS Revenue Agent (RA) as required under Code Sec. 6751(b)(1). The taxpayers’ joint return was examined by the IRS, after which the RA had sent them a summons requiring their attendance at […]

Schedule Your Small Business Success Consultation

Author Archive for Steve Grgas

Simplified Return Filing Procedures Let Individuals Claim 2021 Child, Recovery Rebate and Earned Income Credits

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

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021

Strengthening Tax Breaks to Promote Manufacturing Gets Bipartisan Support

IRS Unopened Mail Backlog is Gone, Says Rettig

Cash Rewards for Money Order, Debit Card Purchases Included in Income

National Virtual Settlement Days Announced

Individual Not Entitled to Innocent Spouse Relief

Penalty Not Timely Approved by Revenue Agent’s Supervisor

Recent Posts

Archives

Contact Us

Newsletter

Our Locations

Subscribe to Receive Updates