Newsletters

IRS Search Available for Tax Exempt Organizations

Posted March 2022

Beginning January 1, 2022, the IRS will have publicly available data on electronically filed Forms 990 available on its Tax Exempt Organization Search webpage. On this website, an organization’s eligibility to receive tax-deductible charitable contributions is available, as well as the information about the organization and its tax exempt status and filings.

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New Technical Guides Available from IRS

Posted March 2022

The IRS through its Exempt Organization and Government Entities group has published eight new Technical Guides for use by taxpayers and exempt entities.

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Welfare Benefits for Native Americans & Oklahoma Exclusion

Posted March 2022

Under Internal Revenue Code section 139E, payments made under legislatively provided social benefit programs for the promotion of the general welfare of Tribal members are excluded from gross income by the recipient of the benefits.

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Tax Credits & Depreciation Rules Expired

Posted February 2022

Several tax credits and certain depreciation rules expired December 31, 2021.

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IRS TO CRACK DOWN ON SIDE BUSINESSES OF TAXPAYERS

Posted February 2022

Starting in January, users selling goods and services through such popular sites as Venmo, Etsy and Airbnb will begin receiving tax forms if they take a payment of more than $600. The new requirement only pertains to payments received for sales of goods and services and does not apply to friends and family payments.

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IRS TO ISSUE LETTERS FOR ADVANCE CHILD TAX CREDIT PAYMENTS

Posted February 2022

The IRS will issue letters to taxpayers who received monthly advance child tax credit (CTC) payments in 2021, providing a record of amounts paid and qualifying children on file. 

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NEW REPORTING REQUIREMENTS FOR CARRIED INTEREST ON TAX RETURNS

Posted February 2022

Carried interests have been in the news a lot lately, and they apply only to a select group of taxpayers. A carried interest is any profits interest received as compensation by employees or partners of a partnership. The value in the carried interest lies in the future value of the partnership. If the value of the partnership increases, the value of the carried interest also increases. When the holder of the interest disposes of it, any gain is subject to capital gain rates of taxation, as opposed to ordinary income rates. So, if you do not issue carried interest or your employer does not issue carried interests, this law change will not apply to you!

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IRS ‘Buried’ in Paper Returns Ahead of Difficult Tax Season

Posted January 2022

Bloomberg Tax, a comprehensive tax research firm, shares in one of their most recent articles that taxpayers and tax professionals face the most challenging filing season ever, as the IRS wrestles institutional obstacles and taxpayers navigate new complexities.

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SOCIAL SECURITY AND MEDICARE CHANGES FOR 2022

Posted January 2022

There are changes that take effect in 2022 impacting those taxpayers who are currently retired or are contemplating retiring during 2022.

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KEY TAX PROVISIONS TO REMEMBER ENTERING 2022

Posted January 2022

There are several tax provisions that taxpayers should be aware of that take effect or will impact 2022 taxes.

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