Advance child tax credit payments letter can help people get remainder of 2021 credit To help taxpayers reconcile and receive all the 2021 child tax credits to which they are entitled, the IRS started sending Letter 6419, 2021 advance CTC, in late December 2021 and will continue into January. This letter includes the total
On an email reminder sent last week, the City of Philadelphia requires businesses to give notifications to their employees about a) The Federal Earned Income Tax Credit (EITC) and b) Philadelphia Wage Tax Refund Program on electronic or printed copy and no later than February 1, 2022. The Federal Earned Income Tax Credit (EITC)
As you might be aware, there have been new requirements in the 2021 filings for the S Corporations. In the last few years, new tax requirements have been issued just before tax season or during tax season, giving tax preparers little time to comply with the new disclosure or tax processing for those returns. Disclosure
In mid December 2021, the IRS released the standard mileage rates for the use of a car (also vans, pickups or panel trucks) beginning January 2022 will be: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021, 18 cents per mile driven for medical, or moving purposes for
In the Issue Number: COVID Tax Tip 2021-187, the IRS makes references to several items that are new or have changed for 2021, such as: Changes to the charitable contribution deduction Taxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married taxpayers filing joint returns and up to
The IRS has released the Tax Tip 2021-186, with some recommendations on how to get ready for tax season. Publication 5348 - Get ready to file Protect your data Securely access your individual tax information Get tax information in your preferred language Check your ITIN Prepare to file electronically Get ready to direct deposit your
In the Tax Tip 2021-170 communication, the IRS announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. Traditional IRA income phase-out ranges for 2022 are: $68,000 to $78,000 - Single taxpayers covered by a workplace retirement plan $109,000 to $129,000 - Married couples filing jointly. This applies when the spouse making
From January 2022, the City of Philadelphia will require a new tire dealer license and the following is required: The PA DEP registered waste haulers responsible for disposing of tires. The waste haulers must be registered with the PA DEP for a Waste Transporter Authorization. Type of business activity (i.e. sales, repair). Size and location
Last week, the temporary side walk café/streetery were extended until the end of 2022 in Philadelphia. These license can be renewed now (45 days before ending in 12/31/21) for the next year and we have started the process for many of our clients. Whyy post "... Following a flurry of behind-the-scenes activity, the committee also
Are you unsure about a charity? Do you suspect it might be a scam or fraudulent organization? You can use the IRS Tax Exempt Organization Search tool and search the organization using 1) EIN or 2) organization name, plus other fields (i.e. State, City, etc.). Some key features and functions of this tool: It provides
