Important Updates

2022

October 1:

  • IRS raises per diem standard rates for business travel. Learn more.

September 29:

  • Social Security Recipients Will Receive Large Increase in 2023. Learn more.
  • IRA Expands Valuable R & D Payroll Tax Credit. Learn more.

August 22:

  • New $7,500 Electric Vehicle Tax Credit on electric vehicles assembled in North America. Learn more.

August 5:

  • The  Inflation Reduction Act Unleashes A Tougher, Armed IRS – The bill will dole out about $80 billion for increased enforcement, operational improvements, and more. Learn more.

July 1:

  • IRS increases the mileage rate for the remainder of 2022 to 62.5 cents per mile. Learn more.

March

February

  • 2022 Filing season update: The IRS is successfully processing tax returns and delivering refunds starting January 24. For the week ending February 11, the IRS has issued nearly 9 million refunds worth more than $20 billion.
  • IRS provides details on relief for Schedule K-2 and K-3 reporting: The IRS issued a news release and new frequently asked questions (FAQs) providing both general information and more details on the certain domestic partnerships and S corporations who qualify for the exception to 2021 reporting.
  • IRS suspends more than a dozen automated notices, including collection issues: As part of ongoing efforts to provide additional help for people during this period, the IRS has suspended automated collection notices normally issued when a taxpayer owes additional tax or has no record of filing a tax return. Note that many other IRS notices are statutorily required to be issued within a certain timeframe to be legally valid. The IRS encourages those who have a filing requirement and have yet to file a prior year tax return or to pay any tax due to promptly do so as interest and penalties will continue to accrue. Visit IRS.gov for payment options. For more information on suspended notices, see IR-2022-31, IRS continues work to help taxpayers; suspends mailing of additional letters.

January

  • Deadline to file deadline for Forms 1099-MISC, 1099 NEC, and 1096 to the IRS for nonemployee compensation is January 31.