Last week, the Internal Revenue Service issued Notice 2022-36, which provides automatic relief for certain failure-to-file penalties for tax years 2019 and 2020. The measure, which was advocated by the AICPA and other groups, aims to provide taxpayer relief from lingering pandemic-related financial struggles while allowing the IRS to focus its resources on supporting taxpayers…
A provision in this year’s Illinois Family Relief Plan allows for one-time rebates for Illinois residents, for both individual income taxes and property taxes. Here’s what you need to know. Rebate Amounts For individual income tax rebates, the amount of the rebate is: $50 if filing as a single person $100 if filing jointly $100…
On August 16, President Biden signed the Inflation Reduction Act (IRA 2022) into law, finalizing a scaled down version of legislation that has been months in the making. Here is an overview of the items in the Act that could have an effect on taxpayers and their businesses: The IRA provides some short-term benefits to…
As summer draws to a close, Weiss & Company LLP is pleased to welcome three new associates to our professional team. Sergiu Vecerdea has been hired as a senior accountant in the firm’s accounting & assurance department. He provides assurance services to clients in a variety of industries, with a specific focus on Manufacturing. He…
