Related To Income  W-2 Forms for wages and withholdings  1099-R Forms for retirement or IRA income  1099-SSA Forms for social security benefits  1099-INT for interest income on savings  1099-DIV for dividend income from investments  1099-B for stock sales  1095-A for Health Insurance Premium Subsidy  Schedule K-1 for Business or Investment Related To Deductions  Form 1098…

The Internal Revenue Service today announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2021-45 provides details about these annual adjustments. Highlights of changes in Revenue Procedure 2021-45:  The tax year 2022 adjustments described below generally apply to tax…

Hall Income Tax Phased Out Over Last 4 Years Beginning January 1, 2017, Public Chapter 181, Section 13 of the IMPROVE Act reduces the Hall income tax rate by 1% each tax year through the year beginning January 1, 2020. The Hall income tax is fully repealed for tax years beginning January 1, 2021.

How might they affect you, and what do we know for sure? The only thing we know for certain at this point is that there will be a lot of changes. Over the last 36 years I’ve almost always refrained from writing about changes to the tax code until they actually become law. Often times,…

Sept. 15, Oct. 15 deadlines, other dates further extended to Jan. 3 for parts of Mississippi; Nov. 1 deadline still applies to the rest of the state. Victims of Hurricane Ida in parts of Mississippi now have additional time–until Jan. 3, 2022–to file various individual and business tax returns and make tax payments, the Internal…

The right to finality …. When the Pandemic of 2020 hit, the Internal Revenue Service did not have an adequate plan in place to deal with a work stoppage. Many aspects of the IRS operate on computer automated algorithms. Those automated processes were put in place based on the assumption that human intervention would always…