Siepert Monthly Newsletter – November 2022 Edition
Welcome to the November Edition of the Siepert Newsletter!
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Potential FUTA Credit Reductions in Illinois
If you’ve been following the news, you’ve likely heard that Illinois has outstanding federal unemployment trust fund loans. These loans must be repaid by November 10, 2022 in order for Illinois employers to avoid paying more in FUTA taxes for tax year 2022.
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2022 State of Illinois Tax Rebates
Under the Illinois Family Relief Plan* passed by the Illinois House and Senate, one-time individual income and property tax rebates will be issued to
taxpayers who meet certain income requirements.
2022 Illinois Secure Choice Program
The Illinois Secure Choice Savings Program is a retirement savings program that offers Illinois businesses the option to either enroll their employees into the Secure Choice Plan or offer a qualified savings plan, such as a 401(k). There are zero employer fees associated with this program and employers who choose to participate will have minimal responsibilities.
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Taxpayers: Beware of phone scams
The IRS reminds taxpayers to be aware that criminals continue to make aggressive calls posing as IRS agents in hopes of stealing taxpayer money or personal information. Here are some telltale signs of a tax scam along with actions taxpayers can take if they receive a scam call.
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New Online Identity Verification Process for IRS Online Tools
The IRS has announced a new identity verification process that taxpayers will use to access IRS online services. Taxpayers will use the new identity verification process to sign in to online services such as the Child Tax Credit Update Portal, Online Account, Get Transcript Online, Get an Identity Protection PIN (IP PIN) and Online Payment Agreement.
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Tax Advisor
- Penalty relief deadline fast approaches for 2019, 2020 tax returns
- AICPA asks IRS to expand penalty relief
- AICPA recommends changing cryptoasset question
- Proposed revisions to the AICPA tax standards
- AICPA disputes ‘misleading’ claims on new IRS funding, calls for service improvements
- IRS relieves penalties for 2019 and 2020
- Guidance on clean vehicle tax credit
- Congress enacts tax and climate bill
- Guide released for tax pros’ information security plan
- Key tax provisions in the Senate reconciliation bill