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Tag: IRS

Interim IRS Guidance on Research Credit Refund Claims

By Frank Calabrese, Senior Tax Manager The IRS has released two pieces of interim guidance on its revised administrative policy regarding valid research credit refund claims, as originally announced on October 15, 2021. On January 3, 2022, the IRS issued procedural guidance for applying the revised administrative policy and, on January 5, the IRS published a corresponding set of frequently asked questions (FAQs) on the policy. Both the procedural guidance and the FAQs are effective...

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Retirement Plan Limits Announced for 2022

The Internal Revenue Service (“IRS”) announced the retirement plan contribution limits, adjusted for cost-of-living adjustments, for 2022.  These adjustments can be found in greater detail in IRS Notice 2021-61 at https://www.irs.gov/pub/irs-drop/n-21-61.pdf.  Following is a chart summarizing some of these adjustments: 401k Plan Limits20222021 401k Elective Deferrals2050019500 Annual Defined Contribution Limit6100058000 Annual Compensation Limit305000290000 Catch-Up...

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IRS OK’s SALT Cap Workarounds

By Azra Khan On Monday, the IRS announced that it will be issuing proposed regulations allowing partnerships and S corporations to deduct state and local income taxes in full.  Under the Tax Cuts and Jobs Act, individual taxpayers are currently limited to a state tax deduction of $10,000, annually (otherwise known as the “SALT cap”). Some states, including New Jersey, Connecticut and several others have enacted a so-called “workaround” of the SALT Cap, either mandating or allowing...

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IRS Backlog Causing Incorrect Late Payment Notices

By Mike Bodrato The Internal Revenue Service, in its most recent update on IRS Coronavirus Tax Relief webpage, has posted information regarding the handling of incorrect late payment notices.  The IRS notes that they continue to process returns and issue refunds and are working hard to get through its correspondence backlog. However, the IRS states that it is experiencing delays in processing returns, due to limited staffing. The backlog of correspondence includes checks that have...

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Additional Tax Filing Relief from the IRS

By Michael Bodrato The IRS released yesterday additional tax return filing and payment relief in Notice 2020-23, which applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, including individuals, trusts, estates, corporations, and other non-corporate tax filers. In addition, Notice 2020-23 provides that this period of time will be disregarded by the IRS in calculating any interest, penalty, or additions to tax...

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Here’s Why Your Tax Refund Might Not Be What it Once Was

Updated 7/30/2019. This 2018 U.S. federal tax filing season, the good news might actually be the smaller refunds seen by many Americans. However, you might be understandably hard to convince if you, your employees or family members fall into this category. At this point in the tax return season, many are dismayed to find their refunds are smaller than expected. Or non-existent, in the case of those shocked to find that they owe more. Spoiler alert: the culprit is most likely to be...

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2019 Maximum Limitations for Retirement Plans

The IRS has announced that the amounts employees can contribute to retirement plans will increase in 2019.  Following is a table detailing some of those increases:     – Source – Notice 2018-83 (https://www.irs.gov/pub/irs-drop/n-18-83.pdf)   Provided by Wiss’ Employee Benefit Plan Group Craig R. Erickson – Partner Cindy Sandomenico – Director Laura Zindel – Manager   Craig Erickson is the Partner-in-Charge of our Employee Benefit Plan Group where...

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The New Partnership Audit Rules Effective January 1, 2018

By Mike Bodrato, CPA, JD As part of the Bipartisan Budget Agreement of 2015, Congress made significant changes in the procedures used by the IRS to conduct partnership audits (including LLCs treated as partnerships) and their partners.  Proposed regulations were issued on January 19, 2017, but prior to being released were withdrawn by executive order.  New proposed regulations were issued on June 14, 2017.  The new partnership audit rules repeal the current regime under the Tax Equity...

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Tax Reform Manifesto for the Real Estate Industry – Part 2

This posting is a part of a 3-part series. The full article will be available in the coming weeks. Click here to read previous post. By Alexander J. Narcise, CPA and contributions from the entire Wiss and Company LLP Real Estate Team: Michael Kroll, CPA Steve Warholak, CPA Michael Bodrato, CPA Kyle Pennacchia, CPA James Jenco, CPA Ken Trainor, CPA Phil London, CPA Chris Gati, CPA Charlie Komack, CPA The Internal Revenue Code has historically provided many planning opportunities...

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IRS ISSUES NEW UPDATED WITHHOLDING TABLES

One of the most often heard Congressional talking points for the Tax Cuts and Jobs Act (TCJA) was that millions of workers would see an increase in their take home paychecks. To this end, on Thursday, the IRS issued new wage withholding guidelines. The guidelines are needed so employers can calculate how much tax to withhold from employees’ pay. Employees should begin seeing changes in their paychecks by February 15th (or sooner) since it normally takes about a month to update systems....

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