Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to […]
Category: IRS
Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until […]
Will The Standard Business Mileage Rate Go Up In 2022? Yes!
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by […]
IRS Announces Adjustments To Key Retirement Plan Limits
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective […]
Infrastructure Law Sunsets Employee Retention Credit Early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. […]