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IRS Continues to Work on Inventory of Tax Returns

Following intensive work during the past several months, the IRS announced that processing on a key group of individual tax returns filed during 2021 will be completed soon. Read more about the status of IRS processing here.

IRS Increases Mileage Rate for the remainder of 2022

The Internal Revenue Service recently announced an increase in the optional standard mileage rate for the final 6 months of 2022 in recognition of recent gasoline price increases. For the first 6 months of 2022, the rate has been 58.5 cents per mile. For the period 7/1/22 through 12/31/2022, the new rate will be 62.5

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IRS Tax Return Processing Status Update

The IRS has had significant backlog for quite a while. Recently, the IRS released information on the status of tax return processing (including as of May 6, 2022, it still had 9.8 million unprocessed individual income tax returns).  Read more in this article here. The IRS also provided additional information here.

How to Set up Multifactor Authentication (MFA) for your BRSW Portal

To enhance security, our portal vendor, Thomson Reuters, now requires Multifactor Authentication (MFA) for all of our clients to log in to their portal. To do this, you will need to install the Thomson Reuters Authenticator mobile app on your phone from the Google Play Store (Android) or App Store (iPhone). Below are instructions and

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2021 Inflation Analysis

Paul Neiffer from Farm CPA Today had an interesting analysis of the 2021 inflation numbers. Read his analysis here.

Ohio Home Education Expense Credit

Ohio has a new credit for those who choose home education for their children. Beginning on 2021 Ohio tax returns, taxpayers who choose home education may deduct up to $250 of education expenses for home instruction of their children. According to the Ohio Revised Code: “Education expenses” means expenses or fees for any of the

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Paulding Ohio Sales Tax Rate Change

The sales tax rate for Paulding, Ohio increased back to 7.25% as of January 1, 2022 (after decreasing to 6.75% as of October 1, 2021). For our clients who collect Paulding sales tax, you’ll want to update your systems to reflect this change. You can read more about this change here:  

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