Author: RSM US LLP
On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
IRS will automatically waive or abate failure to file penalties for some returns when filed by Sept. 30, 2022. IRS will also waive or not apply penalties for 2019 and 2020 information returns.
Beginning August 2022, Form 990-N users without an active IRS username must create an account with ID.me to authenticate their login information and access the Form 990-N Electronic Filing system.
The Federal Reserve lifted its federal funds policy rate to a range between 1.5% and 1.75% on Wednesday as it moves to restore price stability over the medium term.
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House Ways and Means issues its discussion draft amendment with revenue items to offset $3.5 trillion spending package.
Senator Wyden’s recent ‘discussion draft’ legislation, if enacted, would drastically alter many of the tax rules that apply to partnerships.