News

W-2 and 1099 Preparation to Begin Jan. 1

As a small business owner, you are required to issue a Form W-2 Wage and Tax Statement to all of your 2021 employees and a Form 1099 to all of your independent contractors by January 31, 2022.



You ...

New RMD Tables Coming for 2022

The various life expectancy tables used to calculate required minimum distributions (RMDs) from qualified retirement plans, IRAs, and nonqualified annuities have been updated for 2022. These updates ...

IMPORTANT: Child Tax Credit letters

If you received any advance Child Tax Credit payments in 2021, keep your eye out for a letter from the IRS in January 2022. This notice, “Letter 6419 Child Tax Credit,” will provide the total amount ...

New IRS Regulations for 2022

The IRS has recently released updated regulations regarding the contribution and plan limits for retirement plans and cafeteria plans for 2022.

The following are Retirement Plan Limits and ...

2021 Work Opportunity Tax Credit

A valuable tax credit is available to certified businesses that hire long-term unemployment recipients and other groups facing significant barriers to employment. The Work Opportunity Tax Credit ...

Social Security Benefits Increase for 2022

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022. The 5.9 percent cost-of-living adjustment (COLA) will begin ...

Repayment of Deferred Social Security Taxes

The IRS is currently sending informational-only CP256V Notices to self-employed individuals and household employers that chose to defer paying certain Social Security taxes under the CARES Act. The ...

COVID-19 Economic Injury Disaster Loan (EIDL)

In response to COVID-19, small business owners, including agricultural businesses and nonprofit organizations, in all U.S. states, Washington D.C., and territories, can apply for the COVID-19 Economic ...

$25.5 Billion in “Phase 4” COVID-19 Provider Funding

Announced in September, the latest installment of COVID-19 relief includes $17 billion for health care providers (including dentists) under the Provider Relief Fund (PRF), and $8.5 billion more under ...

3rd Quarter Estimated Tax Due 9/15

September 15, 2021, is the deadline for third quarter estimated tax payments. This generally applies to people who are self-employed and some investors, retirees and those who may not normally have ...