Recent Tax Updates
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Tax Updates 2022
The Inflation Reduction Act became law on August 16, 2022 and included many new tax provisions. This article highlights the provisions and refundable credits that impact individual taxpayers.
2022 IRS Security Summit The Internal Revenue Service and the Security Summit partners continue their efforts to remind tax preparers that identity thieves are increasingly
Tax Updates 2021
As part of its wider effort to increase security, the IRS is reminding taxpayers that the IRS Identity Protection PIN Opt-In Program is available to all taxpayers who can verify their identity.
For taxpayers who had qualifying expenses for their children or other qualifying person, the American Rescue Plan Act of 2021 (ARPA) increases the likelihood that these taxpayers will be able to qualify for the Child and Dependent Care Tax Credit (CDCTC) and receive a larger credit for 2021.
Continuing what the IRS, tax industry, and State tax agencies started back in 2015, the Security Summit partners have created a 2021 campaign to urge tax preparers to take basic actions to help stop theft of their own personal data and their clients’ tax data from their offices.
The IRS has recently added a new feature to Individual Online accounts that allows individual taxpayers to authorize their tax preparer to represent them before the IRS by allowing them to electronically sign the Power of Attorney (POA) that was initiated by their tax preparer.