Early Changes for the 2022 Tax Year
It’s been a month since tax season ended. Let’s start preparing for tax season 2023 by looking at the early tax changes for the tax year 2022. Here are the changes that have been announced so far. Tax Programs Expiring in 2022 There are many tax programs that were created or changed to combat the…
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The IRS Is Stepping Up Their Game
As the IRS works through millions of backlogged files, they are also stepping up its game to get through more tax returns faster, now that the 2022 tax season has ended. Hiring Spree The first thing the IRS is doing includes a large-scale hiring effort. In April, MarketWatch reported that the IRS is looking to…
Top Tax Issues of 2022
Every tax season has its own headaches. Let’s discuss some of the top tax issues of 2022. IRS Backlog Due to the COVID-19 pandemic, there are still millions of tax returns that were filed in 2021 (for tax year 2020) that the IRS has yet to finish working through. According to a recent NPR article,…
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Business IRS Payment Plans: What Are They?
Here’s what you need to know about the Business IRS Payment Plans. Notice of Deficiency Before you start down the path to choosing and applying for a business IRS payment plan, the agency will send you a notice of deficiency. If you don’t think the IRS has determined your tax responsibility correctly, you can petition…
How to Handle Remote Work & Taxes
Have you hired or transitioned employees to a remote or hybrid work model recently? Here’s how that could affect your business taxes. State Laws and Taxes More than ever before, people are working from home offices. And that means you and your payroll department must be on top of the laws and taxes that not…
Indirect Taxes & Your Business
Let’s discuss the impact and implications of indirect taxes on your organization. Direct vs. Indirect Taxes Before we talk about how indirect taxes shape businesses, let’s break down the difference between direct taxes and indirect taxes. According to the IRS, “a direct tax is one that the taxpayer pays directly to the government. These taxes…
Mortgage Interest & Taxes in 2022
The latest version of Form 1098 is available from the IRS for tax season 2022. Get to Know Form 1098 There are seven different types of 1098 forms, but the one we wanted to talk about today is the original, the plain 1098. Form 1098 is used to help report mortgage interest. The last year…