Taxes

She also shares hope that with long-term funding and prudent management, there is light at the end of the tunnel for taxpayers and practitioners who have experienced problems.

As the IRS begins implementation of this plan, the agency will work with the public, partners and oversight groups to ensure the transformation work meets the needs of taxpayers and the nation.

“Revenue Procedure 2022-19 provided much needed guidance and relief for S corporations which inadvertently terminate their S election,” said Jon Williamson, Senior Manager – AICPA.

In a letter to members of the U.S. Senate and the U.S. House of Representatives, the American Institute of CPAs (AICPA) expressed its strong support for the Supply Chain Disruptions Relief Act.

This means eligible taxpayers will have until July 31 to file and pay tax returns, as well as to make 2022 contributions to their IRAs and health savings accounts.

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Beginning in 2024, employers may allow plan participants to use a special emergency savings account. This “sidecar account” is capped at $2,500.

Expect some guidance from the IRS before the change takes effect. In the meantime, continue to take the old rules in account for retirement planning and tax purposes.