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Our carefully crafted blogs offer valuable insights and guidance on taxes, accounting, finance, and beyond. Stay informed with expert advice designed to help you navigate the financial world with confidence.
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Effective April 1, 2022, Mahoning County will increase its sales and use tax rate from 7.25% to 7.5%.
Taxpayers should ensure that the rate changes are accurately reflected in their systems so that customers are charged the appropriate sales tax rate. This may include retailers updating cash registers and point-of-sale software and systems. It is a good practice to review sales on the effective date of the rate change to confirm systems are properly calculating the tax.
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This year, millions of taxpayers are awaiting the processing of their tax returns and receipt of their refunds. The backlog—unprocessed returns and correspondence sent to the IRS but yet unanswered—has created one of the most challenging tax filing seasons in our nation’s history.
According to the Treasury and IRS recent press release, the IRS’s backlog challenges stem from two key sources.
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The Policy Activity Rebate (PAR) program is once again available for the 2021 policy year. The PAR Program provides you an opportunity to earn a 50% premium rebate, up to $2,000, in under a day.
To earn the rebate, you must complete 11 credits from their customizable plan of 33 activities. These activities promote a safe work environment, raise safety awareness, and increase understanding of some of the most important aspects of workers’ compensation.
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We had a great time at the Metroplex in Girard, Ohio to participate in Junior Achievement of Mahoning Valley's 4th Annual Designer Bag Bingo event! We are thrilled that $36K was raised during the event, which benefits financial literacy, career-readiness, and entrepreneurship programs for students grades K-12 in Mahoning, Trumbull, and Columbiana counties!
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Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost of living adjustments that may affect pension plan and other retirement-related savings next year.
Here are the highlights of changes for 2022: