Economic Impact Payments and Families with New Dependents
The Internal Revenue Service announced on January 26 that all third-round Economic Impact Payments have been issued. While some payments of the […]
Category: News
CTC and EIP Letters from the IRS
The IRS announced that it will issue information letters to Advance Child Tax Credit (CTC) recipients starting in December and to recipients […]
Standard Mileage Rates for 2022
The IRS issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, […]
End of Year Charitable Giving in 2021
For many people, the end of the year is a time to review charitable gifts that have already been made during the […]
Retirement Plan Limits Announced for 2022
The IRS announced in November increases to retirement plan limits for 2022. The 2022 contribution limit for 401(k) plans will increase to […]
Social Security Wage Base Increased
It was announced by the Social Security Administration (SSA) in October that the maximum amount of an individual’s taxable earnings in 2022 […]
Social Security Benefit to Increase in 2022
Approximately 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. […]
SBA Increases EIDL Limit to $2 Million
The U.S. Small Business Administration (SBA) announced major modifications to the COVID-19 Economic Injury Disaster Loans (EIDL) program, including raising the loan […]
IRS Updates Business Travel Per-Diem Rates
The IRS recently issued its annual update of special per-diem rates for substantiating ordinary and necessary business expenses incurred while traveling away […]
Tax Benefits for Charitable Giving Expanded in 2021
Recent legislation includes several provisions to help individuals and businesses who give to charity. The new law generally extends four temporary tax […]