IRS PROVIDES GUIDANCE FOR PUERTO RICO

IRS provides guidance for Puerto Rico. In IRS bulletin IR-2022-105, the Internal Revenue Service provided guidance for certain individuals in Puerto Rico on how to file and claim the Child Tax Credit payments that they are entitled to receive under the American Rescue Plan Act. “It’s important for residents of Puerto Rico to know that […]

TREASURY EQUITY PLAN REPORTS PROGRESS

Treasury equity plan reports progress. Even though the tax filing season is over, Treasury and the IRS will continue gathering feedback as part of efforts over the past year to make the tax system more equitable and fair, according to Treasury’s Equity Action Plan: One Year Progress Report. The report documents the department’s participation in […]

CONGRESS TO HEAR FROM IRS COMMISSIONER

Congress to hear from IRS Commissioner. IRS Commissioner Charles Rettig will report on the current tax filing season to the House Ways and Means Committee’s Oversight Subcommittee next week, the committee’s chair, Bill Pascrell Jr, D-N.J. said. The hearing will be webcast live and available at the Ways and Means Committee’s website. The Oversight Subcommittee […]

IRS PROVIDING REBATE CREDIT UPDATES

IRS providing rebate credit updates. The IRS is providing updates to the 2021 Recovery Rebate Credit. This is for people who missed getting one or more stimulus checks. The direct information can be obtained at the IRS website under FAQs FS-2022-12. Go to the IRS first to get there. The information you can get is […]

ADVOCATING IN WAKE OF WAYFAIR DECISION

Advocating in wake of Wayfair decision. The Association of International Certified Public Accountants addressed two separate tax issues at important forums, advocating for small businesses in the wake of the Wayfair decision and discussing the taxation of virtual currency in separate events. Jamie Yesnowitz, J.D. chair of the AICPA State and Local Taxes Technical Resource […]

IRS GRANTS VIRUS TAX RELIEF

IRS grants virus tax relief. Whenever the economy or our Nation encounters an event that shakes the foundations of our society, and impacts the economy in its wake, eventually the IRS reacts and issues memorandums and notices, granting taxpayers and impacted businesses tax relief. The type and various forms of the tax relief depend upon […]

CONGRESS MAY LET YOU USE RETIREMENT

Congress may let you use retirement. You may soon be able to withdraw up to $100,000 from your 401(k) retirement plan amid the coronavirus outbreak. Just make sure you read the fine print before you jump in. The Senate is currently negotiating over a package of COVID-19 stimulus measures, one of which allows savers to […]

RETIREMENT CONTRIBUTION LIMIT RISES

Retirement contribution limit rises. The Internal Revenue Service announced that employees in 401 (k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59, posted on IRS.GOV This guidance provides cost of living adjustments affecting dollar limitations for pension plans and other retirement related […]

IRS AND PRIVATE DEBT COLLECTORS

IRS and private debt collectors. Is IRS has been preparing to use private debt collectors for some time now. Its been a long time since the IRS used private debt collectors, in fact you would have to go back to President George H.Bush’s time in office to see what happened when that occurred. Back then, […]