February 16, 2022
Lisa Varela- Author's Bio
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Low-Income Housing Credit Deadlines Extended
Low-Income Housing Credit Deadlines Extended Notice 2022-5 The IRS extended several deadlines related to the low-income housing credit, in response to the continuing coronavirus (COVID-19) pandemic and precautions necessitated by new disease variants. The extensions generally apply to deadlines that occur between April 1, 2020, and December 31, 2022, for the: 10-percent test for carryover […]
Read more- February 16, 2022
- Lisa Varela
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Final Regulations Address Foreign Tax Credit Issues
Final Regulations Address Foreign Tax Credit Issues The Treasury and IRS have issued final regulations affecting taxpayers that claim credits or deductions for foreign income taxes or claim a deduction for foreign derived intangible income (FDII). The regulations finalize 2020 proposed regulations (REG-101657-20) and address: the disallowance of a foreign tax credit or deduction for […]
Read more- February 16, 2022
- Lisa Varela
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ABA Section Calls For Research Credit Refund Claim Regs
ABA Section Calls For Research Credit Refund Claim Regs The American Bar Association’s Section of Taxation is asking the Internal Revenue Service to issue regulations related to the filing of a research credit refund claim. In a January 6 letter to the agency, the Section suggested that an October 15, 2021, memorandum providing specific instructions […]
Read more- February 15, 2022
- Lisa Varela
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Pandemic Highlights IRS’ Underfunding Issues
Pandemic Highlights IRS’ Underfunding Issues Two recent reports, one from the Internal Revenue Service and the other from the National Taxpayer Advocate, show how the ongoing pandemic exposed the effects of being an underfunded agency. The IRS in its recently issued Progress Update report for fiscal year 2021, highlights some of those issues caused by the pandemic […]
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- January 03, 2022
- Andrew Presti
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IRS Announces that it will be Sending Out Information Letters
January 3, 2022 Dear Clients, Colleagues and Friends, The Internal Revenue Service will be sending information letters to recipients of Advance Child Tax Credit Payments and third Economic Impact Payments that were paid during 2021. Taxpayers who received these payments will need the information provided on these letters to prepare their 2021 individual income tax […]
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December 2021 Newsletter
Wayne Naegele discusses, “PPP Tax-exempt Income Timing and Basis Adjustment Guidance Issued”. Steve Grgas examines, “IRS Releases 2022 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts”. Lee Forman takes a look at, “Guidance Released for Tax Treatment and Reporting Requirements for HAF Payments”.
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- December 22, 2021
- Tracy Tasch
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President Biden Signs Infrastructure Bill
President 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, 2021
- Steve Grgas
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IRS Releases 2022 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts
IRS 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 more- December 22, 2021
- Tracy Tasch
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2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released
2022 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, 2021
- Wayne Naegele
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PPP Tax-exempt Income Timing and Basis Adjustment Guidance Issued
PPP 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 […]
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