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FAQs address calculation and reconciliation of recovery rebate credit

  • 26 January 2022
  • Author: machele
  • Number of views: 2452

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: 2676

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: 3120
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: 2520
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.

E-signing for forms, tax compliance documents extended

  • 6 December 2021
  • Author: machele
  • Number of views: 2564
In a pair of internal memos (NHQ-10-1121-0005 and NHQ-01-1121-0004), the IRS has extended until Oct. 31, 2023, procedures that allow taxpayers and their representatives to sign digitally or by an image of their signatures an array of forms and returns as well as certain compliance-interaction-related forms and documents. The memos also reapprove for that period the IRS's ability to receive the compliance-related forms and documents and to transmit encrypted related documents by email when no other approved electronic alternative is available.

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