National Taxpayer Advocate Erin Collins told lawmakers last Wednesday that 2021 was "the most challenging year taxpayers and tax professionals have ever experienced" and that she was "deeply concerned" about the upcoming filing season.
The Internal Revenue Service announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.
Americans who were eligible for the third stimulus check or the monthly advance child tax credit in 2021 need to be on the lookout for two letters from the IRS before they file their taxes in 2022. They will be arriving at the end of January.
The City of Philadelphia Department of Revenue launched a new tax filing and payment website on November 1, 2021.
Do you own cryptocurrency? Taxes aren’t the first thing most investors consider when jumping into the world of Bitcoin and other digital assets. However, the IRS is cracking down with a new program, Operation Hidden Treasure, to catch crypto tax evaders.
For non-public companies, Accounting Standard Update (ASU) 2016-02, Leases (codified as ASC 842) becomes effective for year-ends beginning on or after December 15, 2021. ASC 842 will cause significant changes in accounting for leases for both lessees and lessors as outlined below:
In fall 2021, Philadelphia taxpayers will start using a new website, the Philadelphia Tax Center, to file and pay City taxes electronically. This change is part of a two-phase process to replace their tax system of record. The new system will allow the Department of Revenue to provide individuals with better customer service.
SBA has awarded more than $10B in relief to nearly 12,000 venues through the Shuttered Venue Operators Grant program, helping theaters, live venues, and related businesses recover and re-open across America. 90% of the grants went to businesses with less than 50 employees.
IRS Commissioner Charles Rettig, writing in an ongoing series of articles about various functions of IRS, provided an overview of a number of key areas affecting taxpayers as of early September.
Rettig noted that "despite our best efforts, pandemic-related issues are still causing us to experience record levels of activity that continue to affect operations across the agency, including the processing of tax returns and refunds."
A.A.L.I.V.E. is a grassroots 501(c)(3), Non-Profit Organization whose mission is to offer socialization and awareness opportunities to enhance the lives of our adult special needs community. The work they do is remarkable!