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Latest Tax Alerts

Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More

President Biden Signs Infrastructure Bill

The bipartisan infrastructure bill passed the ... Read More

2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released

The 2022 cost-of-living adjustments (COLAs) that affect ... Read More

Guidance on Applying Per Diem Rules to Fully Deductible Restaurant Meals

The IRS issued guidance related to the application of ... Read More

Simple Steps to Assist Taxpayers Make 2022 Tax Filing Easier

The IRS has urged taxpayers, including ones who ... Read More

G20 Endorses Global Corporate Minimum Tax Rate of 15-Percent

All members of the G20 on October 30 endorsed a global ... Read More

Jurisdiction Over Petition for Redetermination of Whistleblower's Award Not Extinguished by Death

In a case of first impression, the Tax Court retained ... Read More

S Corporation’s Disposition of Major League Baseball Team Was Disguised Sale

An S corporation’s disposition of a major league ... Read More

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P&N YouTube Channel: How to Record Bills from Vendors in QBO

By: Kristin E. Cavataio, CPA, Senior Consultant


Kristin E. Cavataio, CPALearn how to record invoices from your vendors in QuickBooks Online! Maintaining accounts payable helps to manage cash flow and recognize expenses as they are incurred. In this video, we review how to create bills from vendors.

Click to view our latest QuickBooks QuickTip!

PPP Tax-exempt Income Timing and Basis Adjustment Guidance Issued

By: Wayne Naegele, CPA, Senior Partner


Wayne Naegele, CPA, Senior PartnerThe 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 Income A taxpayer that received a PPP loan may treat tax-exempt income resulting from the partial or complete forgiveness of the PPP loan as received or accrued as follows:

  • As the taxpayer pays or incurs eligible expenses. Under the safe harbor that allows certain taxpayers who relied on ... Read More

IRS Releases 2022 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts

By: Steve Grgas, MBA, CPA, Partner


Steve Grgas, MBA, CPA, PartnerThe 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 Brackets For 2022, the highest income tax bracket of 37 percent applies when taxable income hits:

  • $647,850 for married individuals filing jointly and surviving spouses,
  • 539,900 for single individuals and heads of households,
... Read More

Guidance Released for Tax Treatment and Reporting Requirements for HAF Payments

By: Lee Forman, Tax Manager


Lee Forman, Tax ManagerThe 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 under section 3206 of the American Rescue Plan Act of 2021, P.L. No. 117-2, in response to the coronavirus disease (COVID-19) pandemic. This guidance is effective on November 8, 2021, and would apply to qualified expenses paid after January 21, 2020. ... Read More


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