Penalty relief for Employee Retention Credit

Relief is available to businesses if they owe penalties for additional income tax due to retroactive employee retention credit (ERC) claims. The ERC is a refundable credit claimed on employment tax returns. The IRS requires employers to reduce the income tax deduction for “ERC qualified wages” by the amount of ERC the employer received for […]

Child and Dependent Care Credits

The Treasury Inspector General for Tax Administration (TIGTA) has weighed in on the IRS’s implementation of the expanded Child and Dependent Care Credit (CDCC). The CDCC was expanded temporarily by the American Rescue Plan Act for Tax Year 2021 for certain taxpayers. But TIGTA, which provides independent oversight of the IRS, issued 11 alerts to […]

Good news about Black-owned businesses

Missouri Tax Reform Could Give State Competitive Edge

From the Tax Foundation; Missouri Tax Reform Could Give State Competitive Edge https://bit.ly/3xNKaA  The legislature is looking at tax reform that could transform Missouri’s position with businesses.

OECD attempts to level the playing field

This week, U.S. Treasury Secretary Janet Yellen is meeting with finance ministers from other Group of 20 countries to discuss global tax rates. The Treasury’s goals include “leveling the playing field between U.S. and foreign corporations, ensuring corporations pay their fair share, and preventing the offshoring of American jobs.” The Organization for Economic Cooperation and […]

Federal Budget Deficit

The Congressional Budget Office (CBO) has reported that the federal budget deficit for the first six months of fiscal year 2022 was an estimated $667 billion, or about 40% of the shortfall recorded during the same period last year. Revenues jumped by $418 billion (25%) and outlays dropped by $622 billion (18%), the CBO said. […]

Tax Return refund delays

An update from KHOU ; Why are some tax refunds being delayed? – KHOU.com https://bit.ly/3MhfU4u

Extended Due Date

For taxpayers who’ve filed for an extension, highlight this date on your calendar: Monday, Oct. 17. That’s the new deadline to file your tax return with the IRS. Be aware that an extension of time to file will automatically process if taxpayers paid all or part of their taxes electronically by this year’s original due […]

What’s the chance I will be audited?

According to new research, low-income taxpayers were audited by the IRS at a higher rate in fiscal 2021 than the previous year. Those who earned less than $25,000 in gross receipts were “audited at a rate five times higher” than other taxpayers, according to the Transactional Records Access Clearinghouse (TRAC) at Syracuse University, which received […]

Congress eyes further retirement savings enhancements

In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law to further increase Americans’ retirement security. The U.S. House of Representatives passed the Securing a Strong Retirement Act […]