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Part 3 of the 4 Key Topics of Recent Legislative Events and Issues Shared on a Federal Level with Members of Congress.
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ASCPA presents 4 Key Topics of Recent Legislative Events and Issues shared on a Federal Level with Members of Congress. Over the next several weeks, ASCPA will share 4 nano-byte recordings on the following topics: Recognizing Accounting as a STEM Profession, Fiscal State of the Nation Resolution, COVID-19 Tax Penalty Relief, and Timely Issuance of IRS Disaster Relief.
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ASCPA presents 4 Key Topics of Recent Legislative Events and Issues shared on a Federal Level with Members of Congress. Over the next several weeks, ASCPA will share 4 nano-byte recordings on the following topics: Recognizing Accounting as a STEM Profession, Fiscal State of the Nation Resolution, COVID-19 Tax Penalty Relief, and Timely Issuance of IRS Disaster Relief.
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The Internal Revenue Service is strengthening the identity verification and sign-in process for its online self-help tools after a number of high-profile data breaches.
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The IRS reminds taxpayers that the last quarter of 2021 is a good time to check withholding. The IRS Tax Withholding Estimator makes it easier for everyone to have the right amount of tax withheld. This is especially important for anyone who faced an unexpected tax bill or a penalty when they filed this year, or whose jobs or tax circumstances have changed during the year.
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The IRS issued Rev. Proc. 2021-45 Wednesday, adjusting for inflation a wide array of amounts applicable to the 2022 tax year for use with individual, business, and estate and trust returns and related tax issues. Amounts under 62 Code sections are updated. The IRS also cautioned that with legislation pending in Congress that might affect 2022 tax returns, taxpayers should consult future IRS guidance to determine if the adjusted amounts in Rev. Proc. 2021-45 remain applicable in 2022.
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Governor Kay Ivey notified lawmakers she will call them to Montgomery for a special session to convene on Thursday, October 28 for the primary purpose of approving redistricting maps for the Alabama Legislature, U.S. congressional seats, and the state school board.