Holiday Office Hours
Merry Christmas and Happy Holidays to all of our clients and friends! We wish you the very best during this holiday season and for the upcoming New Year. We will observe the following office hours during this time of the year:
Thursday, December 23, 2021 - Office will close at 12 Noon
Friday, December 24, 2020 - Office will be closed all day
Friday, December 31, 2021 - Office will be closed all day
IRS Releases 2022 Qualified Retirement Plan Amounts
The IRS has released cost-of-living adjustments to pension plans and other retirement-related items for 2022. Many of the key contribution limits have changed: (1) elective deferral limit for employees participating in 401(k), 403(b), and most 457 plans increases to $20,500; (2) catchup contribution limit for employees aged 50 and over participating in 401(k), 403(b), and most 457 plans have remained unchanged at $6,500; (3) limit on annual contributions to a SIMPLE plan changes to $14,000; and (4) limit on annual contributions to an IRA remains unchanged at $6,000.
The Internal Revenue Service has warned the public about a new twist on the IRS impersonation phone scam whereby criminals fake calls from the Taxpayer Advocate Service (TAS), an independent organization within the IRS. Remember, the IRS will never:
-Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a
bill to any taxpayer who owes taxes.
-Threaten to immediately bring in local police or other law-enforcement groups to
have the taxpayer arrested for not paying.
-Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed.
-Ask for credit or debit card numbers over the phone.
-Call about an unexpected refund.