News For Your Week Ahead: February 11, 2022

On this week’s episode of MSATP TV, we began a new Lunch & Learn series with Rob Smith who gave an in-depth tax season refresh on how to use OneNote. Rob gave examples showing how a small to mid-sized accounting firm would set up its firm notebooks and employee individual notebooks. The next episode in this series will be on Thursday, February 24 at 12 p.m.

Watch on YouTube.

Coming Up: On Thursday, February 17 at 12 p.m. Jim Arnie will be joining us for a special Legislative Update on the new MSATP TV. In this new Lunch & Learn series, you can now view our episodes live on LinkedInFacebookYouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

American Rescue Plan Changes Can Boost Refunds for Many Families; People Should File Even if They Haven’t For Years | IR-2022-29

The IRS urged Americans to file a 2021 federal income tax return so they can take advantage of key tax benefits included in the American Rescue Plan and other recent legislation.

Often, individuals and families can get these expanded tax benefits, even if they have little or no income from a job, business, or other source. This means that many people who don’t normally need to file a return should consider doing so this year. Because claiming these benefits could result in tax refunds for many people, individuals should file an accurate return electronically and choose direct deposit to avoid processing delays and speed delivery of their refund.

For more information, click here.

IRS Updates Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit | IR-2022-28

The IRS updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.

These FAQs (FS-2022-09) updated:

  • 2021 Recovery Rebate Credit — Topic A: General Information: Q3
  • 2021 Recovery Rebate Credit — Topic D: Claiming the 2021 Recovery Rebate Credit: Q1, Q2,Q6
  • 2021 Recovery Rebate Credit — Topic F: Receiving the Credit on a 2021 Tax Return, Q8, Q9
  • 2021 Recovery Rebate Credit — Topic G: Finding the Third Economic Impact Payment Amount to Calculate the 2021 Recovery Rebate Credit: Q2

For more information, click here.

IRS Provides Revised Answer for 2020 Recovery Rebate Credit on Tracing Payments | IR-2022-24

The Internal Revenue Service updated its frequently asked questions (FAQs) on 2020 Recovery Rebate Credit (FS-2022-08) PDF.

This updated FAQ includes a revision to the information on tracing payments under Topic F: Finding the First and Second Economic Impact Payment Amounts to Calculate the 2020 Recovery Rebate Credit

For more information, click here.