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.

The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return.

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.

People receiving these letters should keep them. Please do not throw them away.

These letters should be submitted when preparing your 2021 federal tax return. Using the information in these letters when preparing a tax return can reduce errors and delays in processing.

The City of Philadelphia Department of Revenue launched a new tax filing and payment website on November 1, 2021.

Effective November 1, all taxpayers – including those who previously filed an annual Wage Tax reconciliation form by paper, via the previous eFile/ePay site, through ACH debit, or by phone – must use the new Philadelphia Tax Center website. No other filing or payment methods are permitted.

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.

SBA is beginning supplemental notifications to eligible Shuttered Venue Operators Grant awardees. Those who received an initial grant and can show a 70% loss when comparing 2021’s first-quarter revenues to the same in 2019 are eligible to receive a supplemental grant.

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."

Our client, A.A.L.I.V.E. Organization, and A.A.L.I.V.E.'s Inside Voice Program were featured on 6abc Action News' Philly Proud segment on Monday, September 20, 2021.

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!