INCREASED THRESHOLD FOR RETIREMENT LIMITS

Increased threshold for retirement limits. The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS has also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and […]

TAX PROVISIONS IN YEAR END TAX RELIEF BILL

Tax provisions in year end tax relief bill. The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Ace, 2021, H.R. 133, passed both houses of Congress on […]

TIGTA CRITIQUES PROTECTION OF DATA

TIGTA critiques protection of data. The IRS continues to have challenges protecting taxpayer data, and especially ensuring that its various applications provide complete and accurate audit trails, according to the Treasury Inspector General for Tax Administration (TIGTA). TIGTA issued a report that highlights IRS shortcomings and challenges, titled Most Internal Revenue Service Applications do Not […]

REPORT ON ABUSIVE CHARITY TAX ABUSE

Report on abusive charity tax abuse. The report was addressed to Senator Charles Grassley, Chair of the Senate Finance Committee, so it is no surprise that it leads with the syndication of conservation easements. The center of this particular tax scam is Rome, Georgia. People there are arguing that syndicated conservation easements are the subject […]

IRS HELP FOR SMALL BUSINESSES

IRS help for small businesses. The IRS website has publications that can help provide tips and useful information for taxpayers, including detailed information for small businesses and IRS help. The IRS reminds small businesses of the many free products available at their website, located at IRS.GOV. Products ranging from online calculators, printable calendars, step by […]