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Inflation Reduction Act of 2022, Signed Aug. 16 2022 Post-Filing Season Update SECURE Act 2.0

IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act
The Treasury Department and the IRS have published initial information on changes to the tax credit for electric vehicles strengthened by the Inflation Reduction Act (the Act). The Act includes tax in...

Educators Reminded About 2022 Educator Expense Deduction Rise, IR-2022-148
The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return for tax year 2022. This is the first time the ...

IRS Announces New Sign-In Process for Form 990-N Filers
The IRS has announced that beginning August 2022, smaller charities that are eligible and choose to file Form 990-N, Electronic Notice for Tax-Exempt Organizations (e-Postcard), must sign into the IRS...

IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34
The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage plan years beginning in calendar year 2023. The percenta...

Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30
The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, preparing acceptable substitutes of the official forms, and using...

IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144
The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of data theft perpetrated by identity thieves and take critical action to protect data. Tax ...

IRS Issues Statement on CP-14 Notices
The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These taxpayers received erroneous balance due notices (CP-14 notices) or notices sh...

IL - Improper reporting of grocery tax suspension sales on form st-1 discussed
Illinois issued a release stating that some retailers are not properly reporting their receipts for sales that qualify for the suspension of the low rate (1%) of state sales and use tax on retail sale...

You are not eligible for the employee retention credit-vague suspensions lead to trouble. QUICK READ

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