The Indiana Department of Revenue updated Departmental Notice #1 which assists withholding agents in determining the correct amount of Indiana county income tax to withhold from an employee’s wages by providing the tax rate for each county. Five counties have increased their rates effective October 1, 2022. The changes are highlighted below. For a complete […]
Recently, the Indiana Department of Revenue rolled out changes that will affect nonprofit organizations throughout the state. These changes were released through Information Bulletin #17 and Information Bulletin #10. We are providing a summary of these 2 information bulletins and how they may impact your organization. We anticipate these changes will generate a lot of […]
The IRS issued updated instructions in mid-January 2022 for new tax forms K-2 and K-3 applicable to tax year 2021 for S-Corporations and partnerships/LLCs. The Schedule K-2 and K-3 forms expand on the IRS’s objective of more transparency related to a business or individual’s foreign (non-U.S.) income or foreign investments. The updated instructions indicate that […]