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MAY NEWSLETTER

MAY 30, 2022 - OUR OFFICE WILL BE CLOSED
Memorial Day is a day of remembering the men and women who died while serving in the United States Armed Forces. Formerly known as Decoration Day, it originated after the American Civil War to commemorate the Union and Confederate soldiers who died. By the 20th century Memorial Day had been extended to honor all Americans who have died in all wars. It marks the start of the summer vacation season. Monday, May 30th our office will be closed.

Summer Hours
Effective Friday, May 27 through Friday, September 2, our office hours will be reduced. Monday through Thursday the office will be open from 8:30 AM - 4:30 PM. Friday the office will close at 1:00 PM.

Crypto Clarification
The Organization for Economic Cooperation and Development (OECD) has released a public consultation document outlining a proposed global tax transparency framework for crypto assets. The proposal would require crypto exchanges to share details on transactions with foreign tax authorities, and outlines suggested amendments to the Common Reporting Standard, intended to address some of the transparency challenges that have been faced in the global crypto market. This comes as individual countries push for their own crypto tax reform, including the U.S. Treasury Department.

IRS Issues Inflation Adjustments for 2022 Tax Year
This year, the IRS’ inflation adjustments are greater than usual to account for the rapid inflation that’s taken place over the year. The 2022 adjustments increased the income tax bracket thresholds by about 3%, significantly higher than the roughly 1% increases the IRS made for the last tax year. Here are some of the modifications that have been announced:
Earned Income Tax Credit
The Earned Income Tax Credit increased to a maximum of $6,935 for taxpayers with three or more qualifying children, up from a maximum of $6,728 last year.
Gift Tax Exclusion
The annual exclusion for gifts increased to $16,000 for the 2022 calendar year, up from $15,000 in 2021.
Estate Tax Exclusion
The basic exclusion amount for estates of decedents who die during 2022 increased to $12,060,000, up from $11,700,000 in 2021.