Social Security Offices Re-Open Today!

Social Security Administration to Resume In-Person Services at Local Social Security Offices https://bit.ly/3DFnyTm

FBAR deadline coming

If your assets include foreign bank and financial accounts, you must annually file a Report of Foreign Bank and Financial Account (FBAR). The IRS is reminding affected taxpayers that the deadline to file an FBAR generally is April 15. Specifically, taxpayers must file FBARs if they have financial interest in or signature authority over bank […]

Spotlight on the IRS Criminal Investigation Unit

The IRS is highlighting the work of its Criminal Investigation (CI) unit. Two fact sheets detail the CI’s work on financial crimes such as money laundering, terrorist financing, cybercrime and sanctions evasion, which includes investigating and seizing assets of wealthy Russians. As described by the IRS, CI is the only U.S. law enforcement body authorized […]

2022 Q2 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing […]

Where’s my refund?

Myths about federal tax refunds keep coming and the IRS is continuing to combat misinformation. One common myth is that if you get a refund this year, there’s no need to adjust your withholding for 2022. That may not be true if you want to avoid surprises next year. You can use the IRS Tax […]

Is a Settlement or Judgment Taxable?

Tax law excludes from “gross income” damages received for “personal physical injuries or physical sickness,” if certain conditions are met. The damages must be based on a wrongful act resulting in injury and they must be awarded for physical injuries or illness. There must be a “direct causal link” between the damages and the injury. […]

Securing a Strong Retirement Act passes House

The U.S. House of Representatives has passed a major bill that focuses on retirement saving. The Securing a Strong Retirement Act (SECURE 2.0) has many provisions that could affect retirees and people saving for the future. Among the provisions SECURE 2.0 covers: automatic enrollment in retirement plans; an increase in the beginning date of required […]

Proposal requires disclosure of foreign accounts holding crypto and digital assets

One of President Biden’s 2023 budget proposals would require that stakes in certain foreign financial accounts that hold cryptocurrencies and other digital assets be disclosed to the IRS. These enhanced reporting requirements are outlined in the U.S. Treasury Department’s “Green Book” of revenue estimates. They would apply to U.S. taxpayers who have more than $50,000 […]

Saving for Retirement Bill

Why aren’t more Americans saving enough for retirement? The Senate Health, Education, Labor and Pensions Committee is examining that question. The committee points to a General Accountability Office report that found some companies offered workers lump-sum buyouts without providing them with information needed to make good decisions. Another report said that nearly 40% of 401(k) […]

proposed Billionaire Minimum Income Tax

More details were released on March 28 about the proposed “Billionaire Minimum Income Tax.” This is the tax included in President Biden’s 2023 budget, but Congress would have to agree to any budget proposals before they could be enacted. By targeting the top 700 U.S. taxpayers, the White House said the tax would “ensure that […]