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 of advance Child Tax Credit payments that were disbursed to you during 2021. This letter is needed for your 2021 taxes. If PPG Partners prepares your individual tax returns, be sure to send this letter to us. You can forward the letter or a copy of the letter to us right away via email, mail, or fax, or send it in with your tax organizer and other tax documents. Whichever option you choose, please

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 Thresholds for 2022: Total Defined Contribution Plan Limit $61,000 (up from $58,000 in 2021) 401(k)/Roth Employee Deferral Limit $20,500 (up from $19,500 in 2021) 401(k)/Roth Catch-up Contribution Limit (age 50+) $6,500 (unchanged from 2021) SIMPLE 401(k) Employee Deferral Limit $14,000 (up from $13,500 in 2021) SIMPLE 401(k) Catch-up Contribution Limit (age 50+) $3,000 (unchanged from 2021) IRA (Traditional

The IRS has added barcode technology to certain balance-due notices. CP14 and CP14 IA balance-due notices that inform taxpayers that they owe money on unpaid taxes, and of their payment options, are now equipped with QR barcodes to help those taxpayers securely and easily navigate CP14 notices are the first legal notice alerting taxpayers that they have a balance due. Taxpayers can use their smartphones to scan a QR code in the CP14 or CP14 IA to go directly to and securely access their account, set up a payment plan, or contact the Taxpayer Advocate Service. Scanning the QR

In March, the IRS announced that it is postponing the deadline for all individual tax returns. Returns normally due April 15 will not have to be filed until May 17 this year. Most states, including Wisconsin, Illinois, and Michigan, have followed the IRS and moved the deadline for their income tax returns to May 17 as well. The postponement applies only to individual taxpayers, who can postpone their income tax returns and income tax payments due on April 15 until May 17, 2021. Taxpayers do not have to file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income