Our Blog

Alyssa Hodges, CPA •

The tax deadline has come and gone for most taxpayers with a few exceptions for unusual events like federally declared disasters. If you missed the tax deadline you need to get caught up, but it’s probably not the end of the world.

​Yesterday, the Social Security Administration issued a press release with updates for 2022 including updating their fact sheet.

​The updates include:
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​With the many tax-centered incentives and other COVID-19-related credits comes an increased threat of scammers attempting to steal your money or personal information. As we head into the fall season, M+R would like to remind clients to remain vigilant.
 
Most of the more prevalent IRS scams fall into one of three categories including:

Back in July we posted an update about several New Hampshire Tax updates and changes, most stemming from the passing of NH’s biennial budget. Last week the Governor signed Senate Bill 101 which will impact the NH Business Profits Tax (BPT).

Last week the IRS updated the frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021.The new updates now include information regarding COVID-19 immunizations.
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Mallory Vincent, MBA •

Have you maximized your potential tax benefits under the child and dependent care credit? The American Rescue Plan Act made several changes to the child and dependent care credit for the 2021 tax year including making this credit refundable for people who live in the United States for more than half the year. This means that you could get the full credit amount for 2021 and even generate a tax refund if you pay childcare expense for your children under age 13. This credit also covers expenses for the care of other people, including a spouse who was physically or mentally incapable of self-care and lived with you for more than have the year. Another example is someone who was physically or mentally incapable of self-care, lived with you for more than half the year, and either (1) was your dependent, or (2) could have been your dependent except that he or she received gross income of $4,300 or more, he or she filed a joint tax return, or you (or your spouse, if filing jointly) could have been claimed as a dependent on another person’s tax return.

Both business owners and individuals who file taxes in the state of New Hampshire have some changes that may affect them for upcoming tax years, particularly 2022. As a result of some recent budget changes and legislation, all Granite State taxpayers can expect some aspect of these recent changes to affect them. 

​Last week legislation was finalized in the State of New Hampshire allowing for Payroll Protection Program (PPP) Loan forgiveness to conform to the federal treatment. This will allow any forgiven funds to be nontaxable.

Dana R. Bull, CPA, MST •

The Department of the Treasury recently issued detailed information regarding the Biden Administration’s budget and tax proposals for fiscal year 2022. This annual publication is known as “the Green Book.” This publication gives a clear picture of tax policies being pursued by the current administration. Many of these proposals have been previously announced in the “Made in America Plan” and “American Jobs Plan.” Keep in mind that these are only proposals and not newly passed tax law. While there are too many proposals to address in this blog, here are some of the highlights that are likely to affect a number of taxpayers: