Expect IRS Delays This Season

U.S. Treasury officials are warning of longer processing times of tax returns and responses to taxpayer inquiries for the upcoming tax season (January 24 – April 18). The Treasury Department’s concern is based on the enormous backlog of 2020 returns that need special processing due to errors stemming from the various COVID relief legislations, as […]

Factor 2022 Cost-of-Living Adjustments into Your Year-End Tax Planning

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account. Also, keep in mind that, […]

Employee Retention Credit Cancelled for the Fourth Quarter 2021

On Friday, November 5th, Congress passed the Infrastructure Investment and Jobs Act. The bill is currently awaiting President Biden’s signature but is expected to be signed this week. A notable provision contained in the Act is the termination of the employee retention credit as of October 1, 2021. As such, the credit will no longer […]

FASB Offers Practical Expedient for Private Companies that Issue Share-Based Awards

On October 25, the Financial Accounting Standards Board (FASB) issued a simpler accounting option that will enable private companies to more easily measure certain types of shares they provide to both employees and nonemployees as part of compensation awards. Here are the details. Complex Rules Many companies award stock options and other forms of share-based payments […]