Non-Filers Can Still Benefit from Several 2021 Credits

Non-Filers Can Still Benefit from Several 2021 Credits

The Internal Revenue Service estimates over 9 million people who failed to file a tax year 2021 return could qualify for tax credits. This is not the first time the IRS has notified non-filers that they could be eligible for tax credits: the agency alerted 9 million taxpayers about their potential eligibility for Economic Impact Payments in September 2020.…

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Florida Storm Victims Get Tax and Fuel Penalty Relief

Florida Storm Victims Get Tax and Fuel Penalty Relief

Hurricane Ian slammed into the Florida coast last week, leaving a trail of destruction that resulted in more than a million without power and 81 confirmed dead. The Internal Revenue Service announced tax relief and dyed diesel fuel penalty relief for storm victims following a disaster declaration for the entire state by the Federal Emergency Management Agency (FEMA).…

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Top Tax Issues in the Inflation Reduction Act

Top Tax Issues in the Inflation Reduction Act

President Biden signed into law the $369 billion Inflation Reduction Act of 2022 (IRA), which proponents say will lower the deficit, invest in renewable energy, and lower health care costs. This sweeping legislation also addresses issues that will specifically interest tax professionals: increased funding for the Internal Revenue Service, new corporate taxes, and adjustments to tax credits.…

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