Newsletters

Each person with a financial interest in a financial account in a foreign country is required to file with the Secretary of the Treasury a Report of Foreign Bank and Financial Accounts (FBAR) on or before June 30 of each year with respect to foreign financial accounts exceeding $10,000 maintained during the previous calendar year.

The Court of Appeals for the 2nd Circuit has affirmed a District Court ruling that the limitation on the federal income tax deduction for State and Local Tax (SALT) is Constitutional.

The Internal Revenue Service is encouraging taxpay- ers to get extra protection starting in January by joining the agency’s Identity Protection Personal Identification Number (IP PIN) program.

The IRS kicked off the 2022 tax filing season by encour- aging taxpayers to e-file and request a direct deposit for their refunds.

Each year, a number of provisions in the Internal Revenue Code (IRC) are adjusted for inflation. The IRS recently released the inflation adjusted amounts for 2022.

The IRS has released the 2022 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, med- ical, or moving expense purposes.

The year 2021 continued to bring many challenges and tax changes. This letter provides an update on some changes that might affect you and other things to be aware of. If you have questions or want to know how any of this impacts you, please do not hesitate to contact us.