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Federal Tax Updates Archive

A Storm, A Warning, And Maybe A Credit

TweetShareSharePin0 Shares A perfect storm, and 35 million unprocessed returns. In her annual objectives report to Congress, National Taxpayer Advocate Erin Collins finds that the IRS still had 35.3 million unprocessed returns at the end of the 2021 filing season, four times what it had at the end of the 2019 filing season. In something

S Corporation – What Is It?

TweetShareSharePin0 SharesS Corporation – What Is It? For many small businesses, the “S” corporation is the business entity of choice. The “S” in S corporation refers to a tax designation. All corporations are created the same way under state law. A small business must then chose a tax status, to wit, “C”, “S” or non-profit.

Anti Virus Is Very Important-Find Out More Now

TweetShareSharePin0 SharesAnti Virus Is Very Important-Find Out More Now What happens is that these emails are part of phishing schemes. Phishing generally means that someone sends you fake or bogus emails with bad links in them. These links invite you to click on their bogus sites (i.e. not government sites at all) and submit some

How Will Your Fourth of July be Taxed?

TweetShareSharePin0 Shares The holiday weekend is almost upon us and many are getting ready for a weekend of family and celebration. Independence Day means firing up the barbecue, setting off fireworks, enjoying cold drinks, and wearing flag paraphernalia. It also means spending big: last year, Americans spent $6.52 billion for the Fourth of July. This

Navigating the Reconciliation Bill | Tax Policy Center

TweetShareSharePin0 Shares A Democratic-only social spending bill gains Manchin’s support. West Virginia Senator Joe Manchin told MSNBC that he’s always assumed Democrats would need to use reconciliation to pass a second, larger bill aimed at supporting families. He says he’d support such a Democratic-only social spending measure, but says it shouldn’t be linked to a

Impact of Biden Tax Plan by State & District

TweetShareSharePin0 Shares The tax proposals contained in the Biden administration’s fiscal year 2022 budget, including the American Families Plan (AFP) and American Jobs Plan (AJP), would levy $2.3 trillion in new taxes on high-income earners and businesses and provide $998 billion in refundable tax credits to low- and middle-income households, for a net tax increase

Wisconsin State Budget Tax Proposals

TweetShareSharePin0 Shares The Wisconsin Assembly and Senate this week are considering several tax reforms as part of the budget for the fiscal year (FY) 2022-23 biennium, which begins Thursday (July 1). Several were precipitated by the Wisconsin Legislative Fiscal Bureau’s (LFB) announcement earlier this month that the state is projected to end the current fiscal
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