By Jenny Willis, Supervising Senior Accountant Tax Year 2022 Key Amounts Standard Deduction - Married filing jointly — $25,900 - Married filing separately — $12,950 - Head of household — $19,400 - Single — $12,950 Child Tax Credit (fully refundable) - Children ages 5 and under: … [Read more...] about Tools, Tips and Tidbits for 2022
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Document Retention Policies for Businesses
Setting a document retention policy for a business is no simple task because, generally, there are no specific rules. In many cases, retention policies are based on years of “best practices.” What does come into play is where there is an applicable statute of limitations, a legal requirement … [Read more...] about Document Retention Policies for Businesses
Affordable Care Act Reporting Deadline
Employers should be planning now to ensure they will be ready to distribute 2021 Affordable Care Act (ACA) Forms 1095-C to employees by the January 31, 2022 deadline. Last year, the IRS announced an extension for the 2020 forms deadline in early October; but it appears increasingly unlikely that an … [Read more...] about Affordable Care Act Reporting Deadline
Above-the-Line Deductions for Contributions Made in 2021
As a reminder, taxpayers are eligible to take a deduction for monetary contributions made by cash, check or credit card to qualifying charities in 2021, regardless of whether you itemize your deductions. The maximum allowed deduction is $300 for single, married filing separately and head of … [Read more...] about Above-the-Line Deductions for Contributions Made in 2021
Top IRS Audit Issues
IRS audits are on the uptick, as IRS employees are returning to a more normal schedule, post pandemic. What are the top 10 areas on which auditors are focusing? Unreported income: Auditors have many techniques to search for unreported income, but among the more commonly used is the bank deposit … [Read more...] about Top IRS Audit Issues
2021 Child Tax Credit and Advance Payments: A Deeper Dive
The American Rescue Plan not only expanded the amount of the Child Tax Credit, but also created a newly advanceable monthly payment that commenced on July 15th and is expected to continue monthly for the remainder of the 2021 tax year. The advance monthly payments are new and were rolled out … [Read more...] about 2021 Child Tax Credit and Advance Payments: A Deeper Dive