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October Bulletin & Client Line

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CLIENT LINE - Save taxes on Retirement - Year-end bonuses & retirement accounts

Monday, October 17, 2022, is the final due date to file your 2021 Federal, Pennsylvania and Local individual income tax returns for those who received an automatic six-month extension

Tuesday, November 1, 2022, is the due date to file third quarter 2022 payroll tax returns

On September 29, The Biden administration announced that it has scaled back eligibility for its student loan forgiveness plan. Borrowers whose federal student loans are guaranteed by the government but held by private lenders will now be excluded from receiving debt relief. The Department of Education initially said these loans, many of which were made under the former Federal Family Education Loan program and Federal Perkins Loan program, would be eligible for the one-time forgiveness action if the borrower consolidated his or her debt into the federal Direct loan program.

The Internal Revenue Service is warning taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information. Smishing campaigns target mobile phone users, and the scam messages often look like they're coming from the IRS, offering lures like fake COVID relief, tax credits or help setting up an IRS online account. In the latest activity, the scam texts often ask taxpayers to click a link where phishing websites will try to collect their information or potentially send malicious code onto their phones. The IRS does not send emails or text messages asking for personal or financial information or account numbers. These messages should all be red flags for taxpayers.