Bottom Line Financial

11/22/2021

https://www.irs.gov/newsroom/irs-unveils-new-online-identity-verification-process-for-accessing-self-help-tools

IR-2021-228, November 17, 2021 — The IRS today announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.

11/10/2021

The standard deduction amount for the 2022 tax year jumps to $12,950 for single taxpayers, up $400, and $25,900 for a married couple filing jointly, up $800.

12/22/2020

The Senate Monday night passed a giant year-end spending bill combining $900 billion in Covid-19 relief aid with $1.4 trillion in regular government funding and a bevy of tax breaks for businesses.

07/23/2020

People who aren’t required to file a U.S. tax return have less than three months to alert the Internal Revenue Service if they haven’t yet received a $1,200 stimulus payment from the government, Commissioner Chuck Rettig said.

06/25/2020

Treasury Secretary Steven Mnuchin said he may consider a second extension in the U.S. tax filing deadline as the coronavirus pandemic continues.

05/11/2020

https://proconnect.intuit.com/taxprocenter/tax-law-and-news/loan-forgiveness-under-the-paycheck-protection-program-and-next-steps/?s_cid=IPD_PS_ht_covid19pppforgiveness

Learn about Paycheck Protection Program loan forgiveness and how to set up your tax and accounting clients for success.

04/03/2020

The Internal Revenue Service and the Treasury Department have reversed course on requiring senior citizens to file a “simple tax return” in order to receive a stimulus payment as part of the coronavirus package passed by Congress last week.

03/31/2020

The $350 billion lending program authorized by the latest stimulus package aims to expand the access and availability of loans to struggling small businesses. And the terms are now very different.

03/27/2020

03/27/2020

The Internal Revenue Service today has clarified that the deadline for making Individual Retirement Account and Health Savings Account contributions for this tax season has been extended to July 15, 2020.