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The latest tax and accounting news and information for personal taxpayers, businesses, and credit unions.

Tax & Accounting News

IRS announces tax relief for victims of Hurricane Ida in Louisiana

“Victims of Hurricane Ida that began August 26, 2021 now have until January 3, 2022, to file various individual and business tax returns and make tax payments … individuals and households who reside or have a business anywhere in the state of Louisiana will receive tax relief.”

8/31/2021, IRS, accessed 10/27/2021, https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-hurricane-ida-in-louisiana

 

How Remote Work Could Affect Your 2021 Income Tax

“As a general rule of thumb, workers pay income tax to their state of residence. This can offer great advantages to the city dwellers migrating to suburban or rural areas who can take advantage of their company’s work-from-home policy and relocate to a low tax state.”

“However, as remote work becomes more popular and taxpayers migrate, states are seeking ways to recoup that lost revenue“

10/26/21, Emma Kerr, U.S. News & World Report, accessed 10/27/2021, https://money.usnews.com/money/personal-finance/taxes/articles/how-remote-work-could-affect-your-income-tax

COVID relief: IRS helps employers wanting to rehire retirees or retain employees after retirement age

“To help address COVID-related labor shortages, the Internal Revenue Service today reminded employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan’s normal retirement age.”

10/22/2021, IRS, accessed 10/27/2021, https://www.irs.gov/newsroom/covid-relief-irs-helps-employers-wanting-to-rehire-retirees-or-retain-employees-after-retirement-age

Credit Union News

Communication key to understanding volunteer role

“Board and supervisory committee members must be aware of their capabilities, their role and function, and how they contribute to the success of the credit union … These factors also are key to creating relationships between the board, supervisory committee, and leadership.”

10/7/2021, CUNA, accessed 10/27/2021, https://news.cuna.org/articles/119969-communication-key-to-understanding-volunteer-rolel

 

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Griffin & Furman Listed Twice in Callahan & Associates Annual Rankings

Mandeville, LA, September 02, 2022 --(PR.com)-- Griffin & Furman, LLC., a full-service Certified Public Accounting firm, is pleased to announce that it has earned two rankings in Callahan & Associates "2022 Supplier Market Share Guide: Credit Union Auditors."...

Two Promotions at Griffin & Furman!

Thanks to their individual initiative, two of our team members have recently received promotions within Griffin & Furman.   We strive to recognize leadership in our team members, and because of their enterprising spirits, we have recently promoted Linda Alford to...

Prepare Now for Next Year’s Tax Bill

Reviewing your taxes should be an on-going habit to manage next year’s income tax liability and to discover any surprises. Looking over your taxes and finances in Summer generally still leaves you time to adjust and implement strategies to improve next year’s filing....

What is “Full Retirement Age”?

“Full retirement age” was established at 65 years of age in the Social Security Act of 1935, but since 1935, our life expectancies have improved, the Social Security program has evolved, and “full retirement age” is now different for everyone. What is full retirement...

CDFI Equitable Recovery Program

UPDATE August 17, 2022: CDFI Fund Announces New Timelines, Delays:  Awards and deadlines will be delayed. The FY22 CDFI and NACA technical assistance awards will be announced in September, but financial assistance awards will not be announced until early next year.For...

Can I reimburse myself this year from my 529 for last year’s tuition expenses?

My daughter starts college this fall, but her 529 has lost some earnings in recent months. Can I leave the money in the 529 to give it a chance to maybe recoup some of the losses? Then reimburse myself later in 2023 for tuition expenses paid in 2022?The short answer...