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Businesses: Act Now To Make the Most Out of Bonus Depreciation
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022 and businesses should plan accordingly.
Four Tips for Working With a Resource-Constrained Internal Revenue Service
Federal tax professionals working to resolve issues with the IRS can attest to the multifaceted impacts of the agency’s resource constraints on taxpayer service. The signs are evident, for instance, in the long wait times for calls to be answered, tax return processing delays and increased instances of penalties being assessed against compliant taxpayers.
Standard Business Mileage Rate to Increase on July 1 for Second Half of 2022
The IRS recently announced that it will increase the standard mileage rate for qualified business driving for the second half of 2022. The mid-year adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the nationwide average price of regular unleaded gas was $5.01 a gallon, according to the AAA Gas Prices website. This is compared with $3.08 a gallon a year ago.
New Tax Reporting Requirements for Payment Apps Could Affect You
If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They do not alter your tax liability, but they could add to your recordkeeping burden, as well as the number of tax-related documents that you receive every January in anticipation of tax-filing season.
Meeting The Lease Accounting Standard, Head On
Even though the Financial Accounting Standards Board (FASB) pushed back the deadline for private companies and not-for-profit organizations to comply with new lease accounting rules — now applicable for fiscal years beginning after December 15, 2021 and interim periods of fiscal years beginning after December 15, 2022 — organizations cannot afford to let more time pass by before acting on implementation.
After Tax Day: Take These Action Steps
The April tax filing deadline has passed, but that does not mean you should push your taxes out of your mind. If you filed an extension, you should gather your remaining tax information sooner rather than later. Here are three other tax-related actions that you should consider taking in the near term.
EIDL Borrowers Receive Additional Six-Month Deferment
On March 15, 2022, the U.S. Small Business Administration announced an additional six-month deferment of principal and interest payments for existing loans made under the COVID Economic Injury Disaster Loan program.
Lease Accounting: Road to Compliance Checklist
With the implementation of ASU 2016-02 (Topic 842, Leases) rapidly approaching for private companies and not-for-profit organizations, companies should forge ahead on the road to compliance. The new standard applies to both lessees and lessors and it brings significant changes to balance sheets. The extra time granted by the FASB reflects the mammoth task ahead, which will require more work, more resources and more time than most businesses realize.
The IRS Again Eases Schedules K-2 and K-3 Filing Requirements for 2021
The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations will not be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items of international tax relevance” that they need to file their own returns.
2022 Tax Calendar
To help you make sure that you do not miss any important 2022 deadlines, we have provided this summary of when various tax-related forms, payments and other actions are due.