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Taxation

  • IRS Updates FAQs on Child Tax Credits; Publication 972 Now Obsolete

    By:
    Ruth Singleton
    |
    Mar 9, 2022
    The IRS has revised its FAQs about the 2021 Child Tax Credit and Advance Child Tax Credit payments. These revisions are intended to help taxpayers claim these credits when they prepare and file their 2021 tax returns.. 
  • IRS Seeks to Increase Fees for Enrolled Agents

    By:
    Ruth Singleton
    |
    Mar 8, 2022
    The IRS is proposing to raise the enrollment and renewal fees for enrolled agents. The agency seeks to raise the enrollment and renewal user fee for enrolled agents to $140 from $67, and similarly to increase the renewal user fee for enrolled retirement plan agents to $140 from $67.
  • Several States, Including New York, Calling for Tax Cuts This Year

    By:
    Ruth Singleton
    |
    Mar 7, 2022
    At least 13 states, led by both Democrats and Republicans are calling for tax cuts this year. New York Gov. Kathy Hochul has proposed more than $2 billion in tax cuts, including a property tax rebate. 
  • IRS Issues Reminder to Report Income from Gigs, Virtual Currency and Foreign Countries

    By:
    Ruth Singleton
    |
    Mar 3, 2022
    The IRS issued a reminder to taxpayers that they have reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income or holding certain foreign assets.
  • Colorado to Be First State to Accept Cryptocurrency for Tax and Fee Payments

    By:
    Ruth Singleton
    |
    Mar 1, 2022
    Jared Polis, the governor of Colorado, has announced that the state will begin to accept tax and fee payments in cryptocurrency this year. Gov. Polis said in a tweet that Colorado would accept crypto payments converted into a dollar value, which would then be deposited in the state’s treasury. 
  • Preparers Confront a Particularly Challenging Tax Season

    By:
    Ruth Singleton
    |
    Feb 25, 2022
    Because of a host of expiring tax provisions, preparers and their clients are reporting that this tax season is a source of uncertainty and anxiety.  Approximately 40 tax provisions, including the enhanced Child Tax Credit, expired in 2021, 34 at the end of the year and six after the third quarter.  
  • IRS Announces Increased Interest Rates for Second Quarter of 2022

    By:
    Ruth Singleton
    |
    Feb 24, 2022
    The IRS announced that it will increase interest rates for the second quarter of 2022,  beginning April 1.