(212) 736-0055

Schedule Your Small Business Success Consultation

Blog

March 2022 Newsletter

Wayne Naegele discusses, “No Filing Deadline Extension Recommended Despite IRS Backlog – NTA”.Steve Grgas takes a look at, “Simplified Return Filing Procedures Let Individuals Claim 2021 Child, Recovery Rebate and Earned Income Credits”.Angelica Farrell examines, “IRS Begins 2022 Tax Season and Issues Tips for a Smooth Filing Season”.

Read more

No Filing Deadline Extension Recommended Despite IRS Backlog – NTA

No Filing Deadline Extension Recommended Despite IRS Backlog – NTA The 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 […]

Read more

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

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

Read more

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

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

Read more

IRS Backs Off of Facial Recognition Verification

IRS Backs Off of Facial Recognition Verification The Internal Revenue Service is halting its plans for widespread implementation of a system that would have required taxpayers to use facial recognition and authentication to access services on the agency’s website. In a February 7 statement released by the IRS, the agency said “it will transition away from […]

Read more

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

Form 14457, Voluntary Disclosure Practice Preclearance Request and Application Has Been Updated The IRS has announced that Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, has been revised. Form 14457 allows taxpayers who may face criminal prosecution for willful violation of tax law to voluntarily disclose information to the IRS. These updates and additions […]

Read more

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

Further Details Provided on Relief in Preparing Schedules K-2 and K-3 The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the transition to these new schedules. Those eligible for the relief will not have to file the […]

Read more

Treasury Secretary Yellen Promotes Corporate Minimum Tax

Treasury Secretary Yellen Promotes Corporate Minimum Tax A corporate minimum tax is needed to provide tax relief to the working and middle class, Department of Treasury Secretary Janet Yellen said. “Over the past several decades, the burden of taxation – in the United States and globally – has shifted away from corporations and on the […]

Read more

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

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 updated guidance on how to account, from a tax perspective, prepayments received for live events that were canceled or deferred due to the COVID-19 pandemic. “During the pandemic, taxpayers […]

Read more

February 2022 Newsletter

Andrew Presti takes a look at, “IRS Highlights Online Tools and Resources Ahead of Tax Filing Season.” Salvatore Russo examines, “2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released”. Elias Koumniotes discusses, “State and Local Fiscal Recovery Funds Program Final Rule Issued”.

Read more