News

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline

The Internal Revenue Service issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The IRS recently announced that if a taxpayer relies in good faith on frequently asked questions (FAQs) that the Service posts to its website, and if that reliance is reasonable, then the taxpayer will have a reasonable-cause defense against any negligence penalty or other accuracy-related penalty if it turns out that the FAQ does not correctly state the law as it applies to the taxpayer's situation. This new policy applies to all FAQs, including those released by the IRS before the policy was announced.

Finding qualified staff is an enduring concern that continues to challenge CPA firms this year, according to the 2021 AICPA Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey. Hiring staff emerged as the No. 1 issue affecting firms that employ 6–10, 11–20, or 21 or more professionals.

The Associated General Contractors of America (AGC) said that the U.S. Small Business Administration (SBA) is in the process of removing the requirement that Paycheck Protection Program (PPP) borrowers submit a Loan Necessity Questionnaire when applying for forgiveness on loans of $2 million or more.

The IRS opened an online site Monday that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15 (see IRS News Release IR-2021-129).

GASB proposed changes Tuesday to its accounting and financial reporting guidance for accounting changes and error corrections that have been in effect for more than 40 years.

The U.S. Small Business Administration (SBA) has stopped accepting new Paycheck Protection Program (PPP) applications from most lenders almost a full month before the $292 billion program’s application deadline.