HHL GROUP INC

11/10/2023

https://www.accountingtoday.com/news/irs-adjusts-tax-items-for-inflation-in-2024?utm_source=newsletter&utm_medium=email&utm_campaign=V3_ACT_Daily_2023%2B%27-%27%2B11102023&bt_ee=swCG2WTVRDsDuw1JesJgcDaJkceUy35u%2BRvzA6kpgB462br47fuvQri7YyA0HGmJ&bt_ts=1699621993261

The service announced its annual inflation adjustments, including increases in the standard deduction and changes in tax brackets.

01/25/2023

IRS Clarifies Virtual Currency/Digital Asset Question on 2022 form 1040

Tax pros who have begun working on their clients' returns are encountering a slight change in wording at the top of Form 1040.

01/20/2023

Increase in auto depreciation limits

The IRS issued sharply higher new depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.

01/18/2023

New benefits for 529 plans!

Beginning in 2024, you can rollover 529 funds to a Roth IRA for the same beneficiary. This not only adds another tax-free qualified distribution for your savings but also gives you another option if your child decides not to pursue a high education.

01/05/2023

Secure 2.0 Act

The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.

12/01/2022

The lack of stimulus payments in 2022 will play a key role, according to the IRS.

03/17/2022

Important update regarding EIDL repayment start date.

Small businesses and not-for-profits that received funding through the COVID-19 Economic Injury Disaster Loan program won’t have to begin payments on the loan until 30 months after the loan was made, the US SBA announced.

02/11/2022

While it works through its return and correspondence backlog, the IRS will not send out certain letters and notices, including for delinquent returns and payments.

06/28/2021

New Business grant applications open June 29

The Ohio Development Services Agency on June 29 will begin accepting applications for four new grant programs designed to help small businesses impacted by the pandemic.

The Food and Beverage Establishment Grant provides grants up to $30,000 to restaurants, bars, coffee shops, and other food and drinking businesses affected by the COVID-19 pandemic. The amount of individual grants to eligible businesses will be determined by the business’ loss of revenue in 2020. ...

04/26/2021

The IRS is facing significant backlogs of processing returns which may be causing delays in issuing refunds.

The Internal Revenue Service is holding up millions of tax refunds for manual processing and its systems were unable to process many of the quarterly payments that needed to be sent by April 15.