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News

How to keep Ukraine donations safe from fraudsters

  • 7 March 2022
  • Author: machele
  • Number of views: 542
  • 0 Comments

As donors around the world seek to help besieged Ukrainians amidst Russia's invasion, the spirit of generosity creates a fertile environment for fraudsters.

Taking the time to research charities can help donors make certain that their donations are being used for the intended purpose.

"There's a process for ascertaining that, and it's not that complicated," said David Zweighaft, CPA/CFF, a partner with RSZ Forensic Associates and a member of the AICPA Forensic & Valuation Services (FVS) Section. "It takes a little bit of effort. You have to ask yourself the questions. Who is this? How long have they been around? Who are they affiliated with? Are they registered? And from that, you can obtain a certain level of comfort that it is a legitimate organization."

FAQs address calculation and reconciliation of recovery rebate credit

  • 26 January 2022
  • Author: machele
  • Number of views: 662
  • 0 Comments

The IRS on Thursday issued a fact sheet (FS-2022-04) of frequently asked questions (FAQs) intended to help taxpayers and their return preparers calculate the recovery rebate credit for 2021 tax returns.

The recovery rebate credit for the 2021 tax year, as for 2020, must be netted against any economic impact payment (EIP) a taxpayer (and/or spouse, if filing jointly) received during the year. The 2021 EIP was the third such payment, which the IRS distributed in March through the end of the year. The previous two EIP rounds occurred in 2020 and are reconciled against a recovery rebate credit for that year's tax return. Individuals eligible for the EIP or recovery rebate credit who did not receive an EIP may claim the full amount of the credit on their return.

IRS to accept 2021 tax returns starting Jan. 24

  • 12 January 2022
  • Author: machele
  • Number of views: 789
  • 0 Comments

The IRS will begin accepting and processing 2021 tax returns starting Jan. 24, the Service announced Monday.

In News Release IR-2022-08, the IRS stated the date will allow it time to perform necessary programming and testing in advance of return filing, which it urged taxpayers and paid preparers to do electronically.

"Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year," IRS Commissioner Chuck Rettig said in the release.

Tax Change Hits Payment Apps

If you use PayPal, Venmo or others, this might affect you.

  • 22 December 2021
  • Author: machele
  • Number of views: 1145
  • 0 Comments
If you’re among the millions of people who use payment apps like PayPal, Venmo, Square and other third-party electronic payment networks, you could be affected by a tax reporting change that goes into effect in January.  Payment app providers will have to start reporting to the IRS a user’s business transactions if, in aggregate, they total $600 or more for the year. A business transaction is defined as payment for a good or service.

Standard mileage rates to go up in 2022

  • 20 December 2021
  • Author: machele
  • Number of views: 739
  • 0 Comments
After decreasing two years in a row, the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year, an increase of 2.5 cents per mile over the 2021 rate.
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