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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

IRS Backs Off of Facial Recognition Verification

The Internal Revenue Service is halting its plans for widespread ... Read More

Form 14457, Voluntary Disclosure Practice Preclearance Request and Application Has Been Updated

The IRS has announced that ... Read More

Further Details Provided on Relief in Preparing Schedules K-2 and K-3

The IRS has provided further details on additional transition relief for ... Read More

Treasury Secretary Yellen Promotes Corporate Minimum Tax

A corporate minimum tax is needed to provide tax relief to the ... Read More

AICPA Requests Guidance On How To Handle Prepayment Of Events Canceled By COVID

The American Institute of CPAs has asked the Internal Revenue Service to issue ... Read More

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No Filing Deadline Extension Recommended Despite IRS Backlog – NTA

By: Wayne Naegele, CPA, Senior Partner


Wayne Naegele, CPA, Senior PartnerThe Internal Revenue Service should not extend the individual filing tax deadline, currently set at April 18 for most of the country, despite the significant backlog in processing of paper tax returns and other mail correspondence that can have an impact in the current the filing season, National Tax Advocate Erin Collins said.
"I don’t think the IRS needs additional time," Collins said during a February 17 Senate Finance Committee hearing. "In fact, I think it will cause more challenges for the IRS because they have to go in and reprogram everything. It also impacts states. It also impacts preparers. I personally do not see it as a benefit right now for taxpayers."... Read More

Simplified Return Filing Procedures Let Individuals Claim 2021 Child, Recovery Rebate and Earned Income Credits

By: Steve Grgas, MBA, CPA, Partner


Steve Grgas, MBA, CPA, Partner Individuals who are not required to file tax returns for 2021 may use simplified procedures to file returns to claim:

• The 2021 child credit, which was expanded and increased for 2021. The IRS may have paid up to one-half of an eligible individual’s credit in advance during 2021, but individuals must file returns to claim the remaining credit, plus any additional credit.
• The 2021 recovery rebate credit. Individuals must file returns to claim any credits that exceed the Economic Impact Payments (EIPs) and plus-up payments they received as advance payments of the credit during 2021.
• The 2021 earned income credit, which was expanded and increased for 2021 for eligible individuals ... Read More

IRS Begins 2022 Tax Season and Issues Tips for a Smooth Filing Season

By: Angelica Farrell, CPA, Tax Manager


Angelica Farrell, CPA, Tax Manager The IRS has reminded taxpayers to take extra precautions to file accurate tax returns electronically to speed refunds as the agency begins the 2022 tax filing season. The IRS is now accepting and processing 2021 tax returns. Over 160 million individual tax returns for the 2021 tax year are expected to be filed. Most taxpayers face an April 18, 2022, deadline due to the Emancipation Day holiday in Washington, D.C. falling on April 15. Taxpayers in Maine and Massachusetts will have an April 19 deadline due to Patriots Day. Disaster victims in some locations will have later filing deadlines. As several critical tax law changes took place in 2021, IRS Commissioner Chuck Rettig noted ... Read More


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