Our Blog

Rebecca Acorn, CPA, MST •

In December 2021 the United States Department of Education announced that the COVID-19 Emergency relief related to federal student loans would end on May 1, 2022. Those with eligible loans may have received a suspension of loan payments, 0% interest rate, and stopped collections on defaulted loans. To learn more about repayment restarting, visit your loan provider or Studentaid.gov
 

Yesterday the IRS released News Release 2021-255 where they shared that tax payers will be receiving certain information letters beginning in December and through January. You should keep an eye out for these letters if you received the related benefits as your accountant will need the information for your 2021 tax return.
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Today the IRS announced the mileage reimbursement rates for 2022. Beginning on January 1, 2022, the standard mileage rates for the use of a car, van or truck will be:
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Mallory Vincent, MBA •

With the holiday season approaching, tis the season for spreading kindness and being charitable. During the coronavirus pandemic, even more people and animals are in need, but many not-for-profits are struggling. By making a donation and giving a gift to charity, you are helping out others and spreading holiday cheer. This act of kindness could also be a great tax write-off, and in 2021 everyone will be eligible to receive a charity tax deduction on their tax return. Read on to learn some tips on how to make your donation count as a tax benefit on your 2021 tax return.
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Today, the IRS released Revenue Procedure 2021-45 which details annual inflation adjustments for various tax thresholds. Below are some key changes for tax year 2022:

Late last Friday the House passed the Infrastructure Investment and Jobs Act, the Senate had passed the bill back in August. While there are few immediate tax provisions in this bill, it opens up the way for the reconciliation bill, the Build Back Better Act, which has significant tax impacts.
 
Tax impacts related to the Infrastructure Investment and Jobs Act:

Yesterday, the IRS released Notice 2021-61 which provides cost of living adjustments for retirement plans for 2022. 
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401(k), 403(b), most 457 plans, and Thrift Savings Plan contribution limits have increased $1,000 to $20,500. The annual catch-up limitation for employees over age remains unchanged from 2021, at $6,500.

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: