In late December while most practitioners and their clients were busy with other things, Congress was passing a giant omnibus budget bill. Buried within it was the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (SECURE 2.0), which contains many retirement (and some other) changes that practitioners and their clients need to […]
The IRS has recently announced that “in the interest of sound tax administration and other factors,” taxpayers in many states will not need to report various payments on their 2022 tax returns. In short, the IRS has determined it will not challenge the taxability of payments related to general welfare and disaster relief. So what […]
There’s been buzz about new retirement plan provisions for weeks, and now they’re final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate, and others that […]
Business owners need to make choices on their 2021 taxes regarding the Paycheck Protection Program and the Employee Retention Credit. Both were enacted to help businesses stay in operation during the lockdowns caused by the COVID-19 pandemic. The PPP provided forgivable loans to businesses, and the ERC was intended to prevent layoffs. When these programs […]
Tax Filing Deadline Date Changed for 2022 In 2022, it will be a federal holiday changing the traditional tax filing deadline, not the COVID-19 pandemic. Emancipation Day falls on Saturday, April 16th, but the holiday is observed in Washington D.C. on Friday, April 15th. Because April 15th is a federal holiday, the tax filing deadline […]
The IRS is encouraging taxpayers to make sure they’re well-informed about their tax situation as the filing deadline approaches. The key topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Here are some key items for taxpayers to know before they file next year. Changes to the […]
The Equal Employment Opportunity Commission has updated its guidance on workplace COVID-19 vaccine policies. The agency’s original guidance, issued in December 2020, addressed COVID-19 vaccine mandates, discussing COVID-19 diagnosis or vaccination status with employees, and handling reasonable accommodation requests from employees. The EEOC’s updated guidance clarifies whether employers can mandate COVID-19 vaccinations and offer incentives […]