Current Resources and Announcements
Check here often for the latest trends, tips and information from the IRS, Arizona Department of Revenue and other agencies and industry leaders. Past posts and articles have been categorized here for quick reference.
New 2022 Minimum Wage – Effective January 1, 2022
The Arizona Industrial Commission announced today that the state’s minimum wage will be increasing $.65 hour in 2022— to $12.80 hour due to the increase in inflation between August 2020 and August 2021 (“cost-of-living”). The tipped rate will be $3.00 hour...
Issue Number: IR-2022-03: IRS reminder to many: Make final 2021 quarterly tax payment by Jan. 18; avoid surprise tax bill, possible penalty
WASHINGTON − The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their taxes. Taxpayers who paid too little tax during 2021 can still avoid a surprise tax-time bill and possible...
Issue Number: COVID Tax Tip 2022-03: IRS sending information letters to recipients of advance child tax credit payments and third Economic Impact Payments
The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when...
Issue Number: IR-2021-251: IRS issues standard mileage rates for 2022
IR-2021-251, Dec. 17, 2021 WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning...
Issue Number: IR-2021-242: IRS issues guidance regarding the retroactive termination of the Employee Retention Credit
IR-2021-242, Dec. 6, 2021 WASHINGTON – The Internal Revenue Service today issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Infrastructure Investment and Jobs Act, which was enacted on Nov. 15, 2021, amended the...
Issue Number: COVID Tax Tip 2021-177: What taxpayers can do now to get ready to file taxes in 2022
There are steps people, including those who received stimulus payments or advance child tax credit payments, can take now to make sure their tax filing experience goes smoothly in 2022. They can start by visiting the Get Ready page on IRS.gov. Here are some other...
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