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Inflation May Cause Tax Brackets to Increase by About 3%
From 2021 to 2022, most inflation-adjusted amounts in the tax code, including the threshold dollar amounts for tax rate brackets, are projected to increase by approximately 3%.
From 2021 to 2022, most inflation-adjusted amounts in the tax code, including the threshold dollar amounts for tax rate brackets, are projected to increase by approximately 3%.
Unless something drastic changes in tax law or financial regulations, your clients will continue to need tax returns and financial statements. These continue to be profitable areas in an accounting firm, even as advisory services take up a growing ...
Unless you’ve been marooned on a desert island somewhere for the last few decades, you should know all about the benefits of Roth IRAs. But you may have built a sizeable nest egg in a traditional IRA, including a rollover from a 401(k) or other ...
Briefly stated, an OIC is an agreement between a taxpayer and the IRS settling a tax liability for less than the full amount owed. To qualify, the taxpayer must have filed all tax returns, made all required estimated tax payments for the current year ...
Employers will be required to report these amounts to employees either on Form W-2, Box 14, or in a separate statement provided with the Form W-2. The guidance provides employers with model language...
Since the enactment of the $10,000 limit on the deduction of state and local taxes in the Tax Cuts and Jobs Act of 2017, states have been trying to find a way to help their residents get full benefit of the state and local taxes paid on the federal tax return. Early efforts focused on […]
The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 28, 2021. As a result, affected individuals and businesses will have until Nov. 1, 2021, to file returns and pay any taxes that were originally due during ...
Victims of Hurricane Ida in parts of New York and New Jersey now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.