Our Blog and News

Advance Child Tax Credit Payments  For qualified taxpayers that will receive advance Child Tax Credit payments from July - December 2021, the IRS plans to send taxpayers Letter 6419 in January 2022.  This IRS form letter will provide taxpayers the total amount of...

For the 2021 tax year, the IRS is again allowing taxpayers that file their tax return using the standard deduction to claim a charity deduction on their tax return. The maximum allowed charity deduction for non-itemizers is $300 for single, head of household and...

In order to claim a cash charitable deduction, taxpayers must keep records in the form of bank records or written acknowledgement from the charitable organization. Donations less than $250 in any one day – taxpayer must keep a copy of a bank record such as a cancelled...

For taxpayers who receive an IRS IP PIN annually, be on the lookout in January 2022 for a letter from the IRS with your 2021 IP PIN number.  These letters, IRS Notice CP01A, are sent out annually to taxpayers via the US mail.  Be sure to retain this notice with your...

Switching employers mid-year often results in a overpaying withheld social security taxes. For tax year 2021, once an employee earns $142,800 from an employer, social security taxes are no longer withheld.  This results in a max social security tax withheld from pay...

The deadline to apply for the Targeted EIDL Advance and Supplemental Targeted Advance is December 31, 2021. The Targeted EIDL Advance is a maximum credit of $10,000 with any formerly received EIDL Advance funds subtracted from this amount. The Supplemental Targeted...

According to the Mass Dept of Revenue at: https://www.mass.gov/service-details/elective-pass-through-entity-excise:  On September 30, 2021, the Massachusetts Legislature adopted an elective pass-through entity (PTE) excise in response to the $10,000 cap on the federal...

If your practice received a Provider Relief Fund Grant of more than $10k from HRSA, you are required to self-report that you utilized those funds properly.  On 6/11/21, the Health Resources and Services Administration (HRSA) issued guidance available at:...

Earlier this month, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2022. It appears many of these tax advantaged savings opportunities have increased from 2021. Most working professionals have access to a...

As the year winds down, now is the time to take steps to cut your 2021 tax bill while also not pushing too much taxable income into 2022 in anticipation of higher tax rates. Prior to December 31st: Increase your 401(k) and 403(b) contributions if you haven't been...