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AR DFA Provides Corporate Tax Law Changes for 2021
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2022 tax filing season begins Jan. 24
2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline
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IRS issues standard mileage rates for 2022
The Internal Revenue Service issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Tax professionals can now order more transcripts from the IRS
The Internal Revenue Service announced that, effective Nov. 15, 2021, tax professionals are able to order up to 30 Transcript Delivery System (TDS) transcripts per client through the Practitioner Priority Service® line. This is an increase from the previous 10 transcripts per client limit.
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IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
The IRS recently announced that if a taxpayer relies in good faith on frequently asked questions (FAQs) that the Service posts to its website, and if that reliance is reasonable, then the taxpayer will have a reasonable-cause defense against any negligence penalty or other accuracy-related penalty if it turns out that the FAQ does not correctly state the law as it applies to the taxpayer's situation. This new policy applies to all FAQs, including those released by the IRS before the policy was announced.
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Staffing and COVID-19 relief programs are firms’ top concerns in 2021
Finding qualified staff is an enduring concern that continues to challenge CPA firms this year, according to the 2021 AICPA Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey. Hiring staff emerged as the No. 1 issue affecting firms that employ 6–10, 11–20, or 21 or more professionals.
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Infrastructure bill would end ERC, increase cryptoasset reporting
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SBA streamlines forgiveness process for most PPP loans
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SBA may be dropping PPP Loan Necessity Questionnaire requirement
The Associated General Contractors of America (AGC) said that the U.S. Small Business Administration (SBA) is in the process of removing the requirement that Paycheck Protection Program (PPP) borrowers submit a Loan Necessity Questionnaire when applying for forgiveness on loans of $2 million or more.
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Online sign-up now available for advance child tax credit payments
The IRS opened an online site Monday that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15 (see IRS News Release IR-2021-129).