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Tax News Update - 9th Edition

IRS urges everyone to update and secure their records to prepare now for natural disasters

September is National Preparedness Month, so this is a great time to get ready for the unexpected. With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, the Internal Revenue Service urges everyone to develop an emergency preparedness plan, or if they already have one, update it for 2022.

Everyone, from individuals to organizations and businesses, can start now by:

  • Securing and duplicating essential tax and financial documents.

  • Creating lists of property.

  • Knowing where to find information once a disaster occurs.

In the aftermath of a disaster, having the updated documents and other information readily available can help victims apply for the relief available from the IRS and other agencies. Disaster assistance and emergency relief may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area.

Proposed Tax Legislation

The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws may be affecting you in the future.

EARN Act (Senate Bill 4808): This bill, introduced Sept. 8, proposes to amend the Internal Revenue Code of 1986 to reform retirement provisions.

Firearm Industry Fairness Act (House of Representatives Bill 8741): This bill, introduced Aug. 23, proposes to amend the Internal Revenue Code of 1986 to impose a tax on the total revenue of manufacturers and importers of semi-automatic assault weapons.

RETURN Act (House of Representatives Bill 8742): This bill, introduced Aug. 23, proposes that employees of the Internal Revenue Service are brought back to their offices until the backlog of 2020 tax returns has been eliminated.

The above are proposals. There are many steps each bill must go through before they are signed into law. Information retrieved from:

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