Year 2021 was challenging. There’s no doubt that navigating through the pandemic has been tough on everyone. If there’s anything that can be done to begin 2022 on a high note, why not make sure you are prepared for the 2021 tax season and ready to file your federal income tax return when the IRS …
As they say on the TV show American Greed ……”wanna know more?” Well, here’s a few more of the top IRS cases of 2021 that would fill a few more episodes. Orlando sisters in a $25 million tax fraud scheme, a Russian Bank founder evading tax upon renouncing his U.S. citizenship and an ex-pastor in …
Have you ever watched the television show American Greed? These Top Tax Court cases of 2021 would fill more than a few episodes. Embezzlement of funds from a nonprofit, a family fraud ring that stole millions in COVID-relief funds, a billion-dollar Ponzi scheme used to buy sports teams and luxury vehicles and more. Don’t miss: …
There’s been a big change for R+D expense amortization for tax years beginning after December 31, 2021. Domestic R+D expenses must now be amortized over five years and overseas R+D expenses must be amortized over 15 years. Don’t miss: Business meals 100% deductible in 2022 This change is effective for tax year 2022 for calendar …
In the last few years, we have witnessed a breathtaking amount of tax legislation. There were the Trump tax cuts back in 2017 and then came the payroll protection program more recently just to name a few. One of the most overlooked changes has to do with the deductibility of business meals. Don’t miss: Gift …
As mentioned recently in a blog by the Taxpayer Advocate Service (TAS), the Congress of the United States created the service to be a safety net for taxpayers – the voice of taxpayers – to protect their rights and propose recommendations to improve tax administration. Struggles at IRS due in part to the pandemic have …
Research (R+D) tax credits are quite lucrative, often bringing six figure and larger cash benefits to Architectural and Engineering (A+E) firms. R+D tax credits protect and improve cashflow by reducing tax liability dollar-for-dollar and in some cases providing refunds of tax previously paid. R+D credits can apply to both federal and state tax liabilities effectively …
The IRS has announced a new online tool for those preparing Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. The free tool is voluntary and will allow those who are preparing a 1042-S form to input a draft 1042-S into the online tool prior to filing the form in an effort to preemptively …
Every year, many transfer tax and foreign item figures are adjusted to reflect increases in cost-of-living expenses, following the average Consumer Price Index. The IRS has recently announced gift tax and other exclusions increases updated for inflation for 2022. Don’t miss: Staying in touch with the IRS Gift Tax Annual Exclusion: Adjusted up to $16,000 …
Social media is not only great for keeping up with friends and family. It’s also a tool for taxpayers to use for staying in touch with the IRS through IRS verified social media platforms. Those platforms include: Facebook: Shares information and news updates that are available for everybody. Information is also available in Spanish. Instagram: …