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Author: Walter Moore

News For Your Week Ahead: May 20, 2022

Posted on by Walter Moore

Information Chaos – the reason we are “Drowning in Information, yet starved for Knowledge.” Rob Smith of Liscio joins us to give us his theory on information chaos and what he can do to help get you more organized using Office 365.

Watch on YouTube.

On Wednesday, May 25 at 9 a.m. We will be going live from our Annual Convention in Ocean City, MD with the annual meeting. Be sure to follow us on LinkedIn, Facebook, YouTube, and Twitter to view the meeting and other updates throughout the convention!

Just a reminder our offices will be closed next week for the Annual Convention & Banquet. We can still be reached via email at info@msatp.com, lily@msatp.org, navaal@msatp.org, walter@msatp.org, heather@msatp.org, or kebaugh@msatp.org. Our offices will reopen on May 31st.

There is still time to register for the individual classes virtually or in-person at MSATP’s Annual Convention and Banquet. Please use the button below to register!

Small Firms Expecting Better Business Conditions in the Next Six Months Hits Record Low | NFIB

In NFIB’s April Small Business Economic Trends report, the number of owners expecting business conditions to improve in the near future has fallen to the lowest level recorded in the 48-year history of the survey.

For more information, click here.

Maryland – Property Tax: Credit Available for Newly Constructed Office/Retail Property | via CCH TaxAware

Effective for tax years after June 30, 2022, Maryland will offer an enterprise zone property tax credit for newly constructed property with office and retail space that became eligible for the property tax credit between January 1, 2019 and December 31, 2021. The credit is available for 13 years and is available for 80% of the tax for the first eight years and decreases by 10% each year after until the credit expires.

Maryland – Multiple Taxes: Historic Revitalization Credit Extended, Commercial Caps Increased | via CCH TaxAware

Maryland is extending the sunset date for the historic structure revitalization credit that eligible taxpayers can claim against:

  • corporate income tax liability;
  • personal income tax liability; and
  • insurance premium tax liability.

It is also increasing the caps on credits for commercial historic revitalization projects.

Sunset Date

The sunset date for the credit is now July 1, 2031, instead of July 1, 2024. Taxpayers can continue to claim a credit for:

  • commercial rehabilitation projects that received an initial credit certificate; and
  • other projects that received approval for a rehabilitation plan on or before June 30, 2031.

Commercial Credit Caps

The cap for commercial rehabilitation credits increases from:

  • $3 million to $5 million for projects other than those in Level 1 or Level 2 enterprise zones;
  • $3.15 million to $5.25 million for Level 1 enterprise zone projects; and
  • $3.3 million to $5.5 million for Level 2 enterprise zone projects.

Maryland can also specify a lower cap in the initial credit certificate.

Get access to news updates like the ones above when you sign up for CCH Tax Aware, a complimentary benefit of being an MSATP member! Visit the perks page of your profile for information on how to sign up.

News For Your Week Ahead: May 13, 2022

Posted on by Walter Moore

Matthew Pollard joined Executive Director Bill Feehley to tell you how he will help you create a Rapid Growth Practice which is your ticket to higher profits and less stress.

Matthew Pollard is an internationally recognized consultant, speaker, blogger, author, mentor, coach, and serial entrepreneur with five multi-million dollar business success stories under his belt, all before the age of 30. He is the founder and CEO of Rapid Growth, LLC, dedicated to achieving maximum ROI for businesses of all sizes.

Drawing from over a decade of experience growing his own businesses to multiple millions – as well as his transformative work with thousands of clients – Matthew Pollard reveals his tried and tested Rapid Growth® blueprint. This is his signature A-Z system, proven to propel even the most unprofitable business into unstoppable momentum and growth.

Learn More!

Coming Up: On Thursday, May 19 at 12 p.m. Rob Smith of Liscio will join us again for another episode in his Lunch & Learn series on Office 365. View our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms.

Delaware – Property Tax: Law Imposing Tax on Gross Rental Income Passed | via Wolters Kluwer IntelliConnect

For property tax purposes, Delaware passed a law imposing a tax on gross rental income. The law authorizes the Mayor and Council to impose a gross receipts tax of no more than 3% on:

  • the gross rental income of any lot where there are recreational facilities for recreational vehicles, load or truck campers, camping trailers, trailers, motorhomes, or cottage type structures located within the Delaware city boundaries; and
  • rents or lease payments from apartments and other leased premises that are not subject to city property taxes located within the Delaware city boundaries.

Ch. 299 (S.B. 238), Laws 2021, effective April 28, 2022

Virginia – Property Tax: Special Commissioner Appointment, Coveyance of Real Estate with Delinquent Taxes Authorized | via Wolters Kluwer IntelliConnect

For Virginia property tax purposes, enacted legislation amends the delinquent tax land provisions. The legislation authorizes localities to petition a circuit court to appoint a special commissioner to convey certain real estate with delinquent taxes to a locality’s land bank entity or an existing nonprofit entity designated to carry out the functions of a land bank. The legislation also allows real estate that contains a derelict building and has delinquent taxes exceeding 10% of its assessed value to be conveyed by a special commissioner to the locality, the locality’s land bank entity, or a qualified nonprofit entity. Additionally, a land bank or qualified nonprofit entity that receives delinquent parcels is required to pay any surplus above the amount of unpaid taxes or liens to the former owners or other parties with an interest in the property.

Ch. 713 (S.B. 142), Laws 2022, effective July 1, 2022

Get access to news updates like the ones above when you sign up for CCH Tax Aware, a complimentary benefit of being an MSATP member! Visit the perks page of your profile for information on how to sign up.

“A Closer Look” at Expanding Access in Puerto Rico | CL-2022-08

The IRS published the latest executive column, “A Closer Look,” which features Ken Corbin, IRS Taxpayer Experience Officer, discussing how the IRS is working to serve residents of Puerto Rico. This year marks the first time in history that many families with children in Puerto Rico will be eligible to claim the Child Tax Credit, which has been expanded to provide up to $3,600 per child. “We know we must start from the ground up to reach out to Puerto Rico residents who may have little or no experience filing a federal tax return or receiving the credit,” said Corbin. “Not only do we want them to know about the credit, but we also want them to know there is help – some of it free – for getting it.”

For more information, click here.

News For Your Week Ahead: May 6, 2022

Posted on by Walter Moore

Are you an MSATP member? Don’t forget to renew your membership. We look forward to continuing to serve you as a member! Please log in to your profile and click dues to renew your membership or call (800) 922-9672.

Coming Up: On Thursday, May 12 at 12 p.m. Rob Smith of Liscio will join us again for another episode in his Lunch & Learn series on Office 365. View our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms.

Many Tax-Exempt Organizations Must File Information Returns by May 16 | Tax Tip 2022-69

Even though organizations like charities and foundations may be tax-exempt, the IRS still requires them to file certain information every year. For many of these exempt organizations, the deadline to file their 2021 information return is Monday, May 16, 2022.

Tax-exempt organizations must file their forms electronically. E-filing reduces processing time, making compliance with reporting requirements easier.

For more information, click here.

For National Small Business Week, Plan Now to take Advantage of Tax Benefits for 2022; Enhanced Deduction for Business Meals, Home Office Deduction, and More | IR-2022-100

The IRS urges business taxpayers to begin planning now to take advantage of the enhanced 100% deduction for business meals and other tax benefits available to them when they file their 2022 federal income tax return.

During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the theme for this year’s celebration: “Building a Better America through Entrepreneurship.” With next year’s filing deadline nearly a year away, any entrepreneur still has time to identify possible tax benefits, take action to qualify for them and then claim them when they file in 2023.

For more information, click here.

Qualified Intermediary Withholding Agreements | N-2022-23

Notice 2022-23 sets forth proposed changes to the qualified intermediary (QI) withholding agreement (QI agreement) described in §1.1441-1(e)(5) and (6) that will permit a QI to assume withholding and reporting responsibilities for purposes of sections 1446(a) and (f). Generally, the notice sets forth proposed changes to the QI agreement that apply to a QI effecting a transfer of an interest in a publicly-traded partnership (PTP) or receiving a distribution made by a PTP on behalf of an account holder of the QI.

For more information, click here.

News For Your Week Ahead: April 29, 2022

Posted on by Walter Moore

Tammy Nickels of Thompson Reuters joined us to tell you about a benefit included in your MSATP membership CCH TaxAware. Be sure to take care of this amazing program to track upcoming tax changes for you and your clients.

Watch on YouTube.

Jim Arnie joined us to give a final update on the Legislative session in Annapolis. Be sure to tune in to learn all this year’s tax changes that affect you and your business.

Watch on YouTube.

Coming Up: On Thursday, May 5 at 12 p.m. Rob Smith of Liscio will join us again for another episode in his Lunch & Learn series on Office 365. View our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms.

IRS Revises Tax Year 2021/Filing Season 2022 FAQs for the Child Tax Credit | IR-2022-96

The IRS issued a revised set of frequently asked questions for tax year 2021 and filing season 2022 for the Child Tax Credit. These frequently asked questions (FAQs) are released to the public in Fact Sheet 2022-28 PDF, April 27, 2022. The revision adds Topic F:  Commonly Asked Filing Season Questions, Questions 1 through 6.

For more information, click here.

Updated Mortality Improved Rates and Static Mortality Tables for Defined Benefit Pension Plans for 2023 | N-2022-22

Notice 2022-22 sets forth the updated mortality improvement rates and static mortality tables that are used for purposes of determining minimum funding requirements under § 430(h)(3) for 2023 and minimum present value under § 417(e)(3) for distributions with annuity starting dates that occur during stability periods beginning in the 2023 calendar year. Notice 2022-22 will be in IRB:  2022-20, dated May 16, 2022.

For more information, click here.

MSATP Sponsors A Taste for Pro Bono and MCEE’s 2022 Financial Education & Capability Teacher Awards

MSATP was happy to sponsor the MVLS A Taste for Pro Bono event and MCEE’s 2022 Financial Education & Capability Teacher Awards. Several of our MSATP members also volunteered to take on MVLS cases to help out within the community.

News For Your Week Ahead: April 8, 2022

Posted on by Walter Moore

Rob Smith of Liscio joined us again and gave an in-depth demonstration on how to manage files and documents within the Microsoft Teams environment. Using Teams you can create and edit documents within the program simultaneously with all members of your organization. Tune in to learn how!

Watch on YouTube.

Coming Up: On Thursday, April 21st at 12 p.m. Rob Smith of Liscio will join us again and will discuss how to manage clients within Microsoft Lists. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

Time is Running Out to File for Tax Year and Still Get Unclaimed Refunds | Tax Tip 2022-51

In 2018, over a million taxpayers didn’t file their federal return, leaving $1.5 billion in unclaimed refund money. It’s not too late for people to file and get their refund, but the deadline is soon.

Taxpayers have until April 18, 2022, to file their 2018 return and get their refund.

If a taxpayer doesn’t file their return, they usually have three years to file and claim their tax refund. If they don’t file within three years, the money becomes the property of the U.S. Treasury.

For more information, click here.

Special Saturday Help from IRS Available Without an Appointment on April 9 | IR-2022-76

As the federal tax filing deadline approaches later this month, the Internal Revenue Service today announced that many Taxpayer Assistance Centers will be open around the country this Saturday, April 9 for face-to-face help.

This special Saturday help is available from 9 a.m. to 4 p.m., and no appointment is needed. Normally, TACs are only open by appointment on weekdays.

For more information, click here.

Coming Soon: 2023 Low Income Taxpayer Clinic Grant Application Period | IR-2022-75

The IRS announced that the application period for Low Income Taxpayer Clinic (LITC) matching grants for calendar year 2023 will open on or around May 2, 2022.

The LITC Program is a federal grants program administered by the Taxpayer Advocate Service, led by National Taxpayer Advocate Erin M. Collins. The Taxpayer Advocate Service operates as an independent organization within the IRS.

For more information, click here.

News For You Week Ahead: April 1, 2022

Posted on by Walter Moore

Coming Up: On Thursday, March 24th at 12 p.m. Rob Smith of Liscio will join us again and will discuss how to manage files within Microsoft Teams. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

IRS Reminds Holders of Foreign Bank and Financial Accounts of April FBAR Deadline | IR-2022-73

The IRS reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network’s (FinCEN) website for further information.

Filers missing the April deadlines will receive an automatic extension until Oct. 15, 2022, to file the FBAR. They don’t need to request an extension. See FinCEN’s website for further information.

For more information, click here.

Letters About Third-Round of Economic Impact Payments Issued; Important Steps to Take for Missing Payments and Corrections | IR-2022-72

With the completion of special mailings of i all Letters 6475 to recipients of the third-round of Economic Impact Payments, the Internal Revenue Service reminds people to accurately claim any remaining third-round stimulus payment on their 2021 income tax return as the 2021 Recovery Rebate Credit.

Through Dec. 31, 2021, the IRS issued more than 175 million third-round payments totaling over $400 billion to individuals and families across the country. Most of the third-round payments were issued in the spring and early summer of 2021. The IRS continued to send plus-up payments through December if, after their 2020 tax return was processed last year, the taxpayer was eligible for additional amounts.

For more information, click here.

For the First Time, Maximum Educator Expense Deduction Rises to $300 in 2022; Limit $250 for Thoe Filing 2021 Tax Returns | IR-2022-70

The IRS reminded teachers and other educators planning ahead for 2022 that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year.

This is the first time the annual limit has increased since the special educator expense deduction was enacted in 2002. For tax-years 2002 through 2021, the limit was $250 per year. This means for people currently filing their 2021 tax returns due in April, the deduction is limited to $250. The limit will rise in $50 increments in future years based on inflation adjustments.

For more information, click here.

Debunking Myths About Federal Tax Refunds | Tax Tip 2022-49

Once taxpayers file their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers.

Myth: Calling the IRS, tax software provider, or a tax professional will provide a more accurate refund date Many people think talking to the IRS, tax software provider or their tax professional is the best way to find out when they will get their refund. The best way to check the status of a refund is online through the Where’s My Refund? tool or the IRS2Go app.

For more information, click here.

News For Your Week Ahead: March 25, 2022

Posted on by Walter Moore

On this week’s episode of MSATP TV, Rob Smith of Liscio joined us for another episode of his Lunch & Learn series where he explained the finer details of Microsoft Teams. Most believe Teams is simply a chat and video service similar to Zoom, however when set up properly, Teams can be a valuable resource for your small to medium accounting practice.

Watch on YouTube.

Coming Up: On Thursday, April 7th at 12 p.m. Rob Smith of Liscio will join us for another episode of his Lunch & Learn series where he will discuss Microsoft Teams and how you can manage files within the program. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

Money Received Through “Crowdfunding” May Be Taxable; Taxpayers Should Understand Their Obligations and the Benefits of Good Recordkeeping | FS-2022-20

Under federal tax law, gross income includes all income from whatever source derived unless it is specifically excluded from gross income by law. In most cases, the property received as a gift is not included in the gross income of the person receiving the gift.

If a crowdfunding organizer solicits contributions on behalf of others, distributions of the money raised to the organizer may not be includible in the organizer’s gross income if the organizer further distributes the money raised to those for whom the crowdfunding campaign was organized

For more information, click here.

Valuable Tax Benefits for Members of the Military | Tax Tip 2022-44

Members of the military may qualify for tax benefits not available to civilians. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes

For more information, click here.

Reasons Why Some Tax Refunds Filed Electronically Take Longer than 21 Days | IR-2022-65

Even though the IRS issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer.

Many different factors can affect the timing of a refund after the IRS receives a return. A  manual review may be necessary when a return has errors, is incomplete, or is affected by identity theft or fraud.

Other returns can also take longer to process, including when a return needs a correction to the Child Tax Credit or Recovery Rebate Credit amount, includes a claim filed for an Earned Income Tax Credit or an Additional Child Tax Credit, or includes a Form 8379, Injured Spouse Allocation, which could take up to 14 weeks to process.

For more information, click here.

News For Your Week Ahead: March 18, 2022

Posted on by Walter Moore

Coming Up: On Thursday, March 24th at 12 p.m. Rob Smith of Liscio will join us for the 4th episode of his Lunch & Learn series where he will discuss Microsoft Teams and how to better set it up to fit your business. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

Relief from Addition to Tax for Underpayment of Estimated Income Tax by Individual Farmers and Fishermen | N-2022-13

Notice 2022-13 provides a waiver of the addition to tax under section 6654 for underpayment of estimated income tax by qualifying farmers and fishermen described in the notice.  Under the notice, the addition to tax is waived for farmers and fishermen who, by April 18, 2022, or, for those taxpayers who reside in Maine or Massachusetts, by April 19, 2022, file their 2021 federal income tax return and pay in full any tax reported as due on the return.

For more information, click here.

Tax Time Guide: Minimize Cyber Footprints, Protect Personal Information Online | IR-2022-60

The IRS urged people to stay resolute against ongoing scams and schemes by properly securing computers, tablets and phones. Solid cybersecurity protection and scam recognition is vital to reduce the threat of identity theft inside and outside the tax system.

The IRS works closely with the Security Summit, a partnership with state tax agencies and the private-sector tax industry, to help protect taxpayer information and defend against identity theft. Taxpayers and tax professionals can take steps to help in this effort by doing things like minimizing cybersecurity footprints and recognizing common scams and schemes.

For more information, click here.

April 2022 AFR | RR-2022-08

Revenue Ruling 2022-08 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274.

The rates are published monthly for purposes of sections 42, 382, 412, 642, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code

For more information, click here.

Revenue Procedure 2022-17 | RR-2022-17

Revenue Procedure 2022-17 provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during the calendar year 2022; and (2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in the calendar year 2022. The tables detailing these depreciation limitations and amounts used to determine lessee income inclusions reflect the automobile price inflation adjustments required by section 280F(d)(7). For purposes of this revenue procedure, the term “passenger automobiles” includes trucks and vans.

For more information, click here.

News For Your Week Ahead: March 11, 2022

Posted on by Walter Moore

On this week’s episode of MSATP TV, Rob Smith of Liscio will joined us for the 3rd episode of his Lunch & Learn series where he will discuss how to manage tasks in Outlook, Microsoft To Do and OneNote. Rob tells you how to better keep track of tasks to completion and streamline your workflow, tune in to learn more!

Watch on YouTube.

Coming Up: On Thursday, March 24th at 12 p.m. Rob Smith of Liscio will join us for the 4th episode of his Lunch & Learn series where he will discuss Microsoft Teams and how to better set it up to fit your business. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

IRS Revised 2021 Child Tax Credit and Advance Child Tax Credit Payments FAQs | IR-2022-53

The IRS updated its frequently asked questions (FAQs) (FS-2022-17) PDF on the 2021 Child Tax Credit and Advance Child Tax Credit Payments. These updates are to help eligible families properly claim the credit when they prepare and file their 2021 tax return.

These changes reflect that Publication 972, Child Tax Credit, has become obsolete. Taxpayers should refer to Schedule 8812 (Form 1040). Schedule 8812 (Form 1040) is now used to calculate child tax credits and to report advance child tax credit payments received in 2021, and to figure any additional tax owed if excess advance child tax credit payments were received during 2021.

For more information, click here..

E-Filing Options Make Tax Time Easier on Member of the Military and Their Families | COVID Tax TIp 2022-36

Active-duty military personnel have options for free federal tax preparation. One is IRS Free File. This program offers, online tax preparation, electronic filing, and direct deposit of refunds, at no cost.

Members of the military and their families who have an income of $73,000 or less in 2021 may choose from any of the IRS Free File tax software companies to help them prepare their tax returns online.

For more information, click here.

Two Tax Credits That Can Help Cover the Cost of Higher Education | Tax Tip 2022-38

Higher education is important to many people and it’s often expensive. Whether it’s specialized job training or an advanced degree, there are a lot of costs associated with higher education. There are two education tax credits designed to help offset these costs – the American opportunity tax credit and the lifetime learning credit.

Taxpayers who paid for higher education in 2021 can see these tax savings when they file their tax return. If taxpayers, their spouses, or their dependents take post-high school coursework, they may be eligible for a tax benefit. To claim either credit, taxpayers complete Form 8863, Education Credits, and file it with their tax return.

For more information, click here.

News For Your Week Ahead: March 4, 2022

Posted on by Walter Moore

On this week’s episode of MSATP TV, Jonathan Pocius gave a full rundown of Maryland’s Mandatory Retirement Pilot which stems from a 2016 piece of legislation that requires a mandatory retirement program offering for all Maryland businesses. Jonathan discussed how he can help with this new change, tune in to learn more!

Watch on YouTube.

Coming Up: On Thursday, March 10th at 12 p.m. Rob Smith of Liscio will join us for the 3rd episode of his Lunch & Learn series where he will discuss how to manage tasks in OneNote. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

IRS Offers Details on K-2 and K-3 Relief | Notice 2021-39

The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021.

The new schedules K-2 and K-3 improve reporting by standardizing international tax information to partners and flow-through investors, making it easier for them to report these items on their tax returns. In addition, the changes ease flow-through return preparation compliance by clarifying obligations and standardizing the format for reporting.

For more information, click here.

Understanding the Child and Depedent Care Credit | Tax TIp 2022-23

Taxpayers who are paying someone to take care of their children or another member of household while they work, may qualify for child and dependent care credit regardless of their income.

For tax year 2021, the maximum eligible expense for this credit is $8,000 for one child and $16,000 for two or more. Depending on their income, taxpayers could write off up to 50% of these expenses.

For more information, click here.

Changes to the Earned Income Tax Credit for the 2022 Filing Season | COVID Tax Tip 2022-31

The EITC is one of the federal government’s largest refundable tax credits for low-to moderate-income families. The recent expansion of this credit means that more people may qualify to have some much-needed money put back in their pocket.

The IRS urges people to check to see if they qualify for this important credit. While people with income under a certain amount aren’t required to file a tax return because they won’t owe any tax, those who qualify for EITC may get a refund if they file a 2021 tax return.

For more information, click here.

 

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