December 22, 2021
Tracy Tasch
Blog Posts
0 CommentsPresident Biden Signs Infrastructure Bill The bipartisan infrastructure bill passed the House of Representatives in a late night vote on November 5 by a 228-206 vote with 13 Republicans crossing the aisle to get the bill across the finish line after 6 Democrats voted the bill down. President Biden signed the infrastructure bill into law […]
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December 22, 2021Steve GrgasBlog Posts0 CommentsIRS 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 […]
Read moreDecember 22, 2021Tracy TaschBlog Posts0 Comments2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released The 2022 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limitations will change for 2022 because the increase in the cost-of-living index due to inflation met the statutory […]
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December 22, 2021Wayne NaegeleBlog Posts0 CommentsPPP Tax-exempt Income Timing and Basis Adjustment Guidance Issued The IRS has released additional Paycheck Protection Program (PPP) loan forgiveness guidance. The guidance addresses (1) timing issues; (2) partner and consolidated group member basis adjustments; and (3) filing of amended partnership returns and information statements. Timing of Tax-exempt IncomeA taxpayer that received a PPP loan […]
Read moreDecember 22, 2021Tracy TaschBlog Posts0 CommentsGuidance on Applying Per Diem Rules to Fully Deductible Restaurant Meals The IRS issued guidance related to the application of the per diem rules under Rev. Proc. 2019-48 to the temporary 100-percent deduction for business meals provided by a restaurant. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 ( P.L. 116-260) temporarily increased the deduction from […]
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December 22, 2021Lee FormanBlog Posts0 CommentsGuidance Released for Tax Treatment and Reporting Requirements for HAF Payments The IRS has released guidance which addresses the federal income tax treatment and information reporting requirements for payments made to or on behalf of financially distressed individual homeowners by a state with funds allocated from the Homeowner Assistance Fund (HAF). The fund was established […]
Read moreDecember 22, 2021Tracy TaschBlog Posts0 CommentsSimple Steps to Assist Taxpayers Make 2022 Tax Filing Easier The IRS has urged taxpayers, including ones who received stimulus payments or advance Child Tax Credit payments, to follow some easy steps for accurate federal tax returns filing in 2022. Organized tax recordsTaxpayers can easily prepare complete and accurate tax returns with the help of organized […]
Read moreDecember 22, 2021Tracy TaschBlog Posts0 CommentsG20 Endorses Global Corporate Minimum Tax Rate of 15-Percent All members of the G20 on October 30 endorsed a global corporate minimum tax rate of 15 percent in an effort to eliminate countries slashing corporate tax rates and creating tax shelters to attract large multinational corporations. The agreement comes on the heels of an international […]
Read moreDecember 22, 2021Tracy TaschBlog Posts0 CommentsJurisdiction Over Petition for Redetermination of Whistleblower’s Award Not Extinguished by Death In a case of first impression, the Tax Court retained jurisdiction over a petition for redetermination with respect to a whistleblower’s claim for an award after the petitioner’s death. The informant filed a claim for an award with the IRS Whistleblower Office (WBO) […]
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