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 […]
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The 2022 Tax Season kicked off on Monday, January 24, 2022. Continue reading to find out what to expect regarding this tax season and what you should do in advance of the looming tax deadline.
The Infrastructure Investment and Jobs Act signed into law Nov. 15, 2021 ended the availability of the Employee Retention Credit for the fourth quarter of 2021 for all employers besides recovery startup businesses. Employers who reduced their employment tax deposits in anticipation of taking this credit in the 4th quarter of 2021 will be required […]