Taxing Matters

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Taxing Matters

Taxing Matters

IRS Backlog and Delays

Echoing the challenges described in the Economy section, the IRS continues to struggle with impacts from the pandemic and staffing shortages.
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Taxing Matters

Taxing Matters Q1 2022

With our Tax Department working diligently towards the April deadline, we wanted to provide a brief update on recent legislation for retirement savings.
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Taxing Matters

Taxing Matters Q4 2021

As we enter the new year, Congress is still deliberating on legislation that could impact the 2022 tax year. The Build Back Better plan was passed by the House in late 2021 but ultimately was not signed into law by the end of the year. The bill has gone through several revisions and could be passed in early 2022. While the act was not passed before the start of 2022, it could still have retroactive tax implications this year.
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Taxing Matters

Taxing Matters Q3 2021

Because the Act contains a large number of spending provisions, the tax provisions generally go in one direction – up. We begin with a discussion of the proposed changes that could impact individuals and families.
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Taxing Matters

Child Tax Credit for 2021

With the American Rescue Plan Act, the child tax credit was expanded effective only for 2021.
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Taxing Matters

Our Thoughts Regarding Biden’s Tax Plan

This plan contains several proposals for changes to individual income and estate tax law. It is the third of three plans put forth by the Administration. The first is the recently enacted American Rescue Plan, which provided additional economic stimulus. The second is the recently introduced American Jobs Plan, an infrastructure bill.
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Taxing Matters

Tax Deadlines 2021

We are writing with an important update regarding changes to the filing deadline for 2020 tax returns.
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Taxing Matters

Taxing Matters Q4 2020

In early December, the IRS Commissioner announced that there are still approximately 6.8 million returns in process, more than one million unprocessed returns and three million pieces of unopened mail.
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Taxing Matters

Taxing Matters Q3 2020

The IRS has struggled to address the problem of tens of millions of pieces of unopened correspondence, including payments. As a result of the backlog of mail that accumulated over spring and summer (unopened mail was estimated to number 12 million items), millions of taxpayers received balance due notices from the IRS. The IRS announced in August that it had suspended sending certain balance-due notices to taxpayers while it continued to process its backlog of unopened mail, which may, in some cases, contain the sought payments.
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Taxing Matters

Taxing Matters Q2 2020

However, two IRS Notices published in June relating to distributions from qualified plans may be of interest.
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Taxing Matters

Taxing Matters April 2020

There has been much attention paid to key parts of the law that deal with loans to small businesses, and the difficulties that many have encountered in actually obtaining these loans, but there are other provisions that affect a broad spectrum of taxpayers.
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