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Accounting and Accountability

Jan 28, 2022

This episode highlights:

  • The IRS expects further delays for taxpayers as we head into tax season.
  • Taxpayers are encouraged to file early and electronically to avoid major delays in processing.
  • The Advanced Child Tax Letter: Letter 6419 that was sent out by the IRS may not be correct, as it was sent out the day BEFORE...

Jan 14, 2022

In this episode:

  • The Build Back Better Bill has yet to be finalized. 
  • The Child Tax Credit will revert to pre-2021 rules.
  • Many tax incentives were set to expire at the end of 2021.
  • The Social Security wage base has increased.
  • 401K contribution limits will increase.
  • The allowable limits for Gift Tax amounts will...

Jan 1, 2022

In this episode:

  • The increase in mileage rates for 2022.
  • The Premium Tax Credit repayment has been extended.
  • The Build Back Better Bill will not be passed by year-end.  Look for a revised version in 2022.
  • Before you donate, check online for an organization’s tax-exempt status, even if it’s one you’ve donated to...