Secure 2.0 Act Summary: What You Need to Know
By: Mark Mirsky, CPA; Rob Jacobson, CPA; and Paul Wilkin, CPA
Grocery Tax Suspension in Illinois
To help ease the impact of inflation, the State of Illinois will suspend the 1.00% tax on grocery items starting July 1, 2022 through June 30, 2023. This applies to all Illinois residents and there is no income requirement.
Understanding Your IRS Notice
Dealing with the IRS can be stressful. There are taxpayers who receive an IRS notice and because they are so fearful, they will pay the notice without verifying the accuracy.
IRS Form 14457: Why It’s Important & What You Need To Know
On February 15, 2022, the IRS announced Form 14457, Voluntary Disclosure Practice Preclearance Request and Application has been revised, including an expanded section on reporting virtual currency. With the rise of virtual currency, the IRS is cracking down on virtual currency tax reporting.
IRS Halts Use of Third-Party Verification Involving Facial Recognition
On Monday, February 7, the IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts. This transition will occur over the coming weeks in order to prevent larger disruptions to taxpayers during filing season.