{"id":13356,"date":"2022-04-21T10:15:20","date_gmt":"2022-04-21T15:15:20","guid":{"rendered":""},"modified":"2022-04-21T08:46:25","modified_gmt":"2022-04-21T13:46:25","slug":"weekly-update-april-21st-2022","status":"publish","type":"post","link":"https:\/\/aparnesscpa.com\/weekly-update-april-21st-2022\/","title":{"rendered":"Weekly Update \u2013 April 21st 2022"},"content":{"rendered":"<div>\n<p>The good news on the travel front is that the US Centers for Disease Control and Prevention has\u00a0<a href=\"https:\/\/www.usatoday.com\/story\/travel\/news\/2022\/04\/18\/cdc-travel-advisory-level-4-list\/7358429001\/\" target=\"_blank\" rel=\"noopener noreferrer\">removed all countries from its \u201cDo Not Travel\u201d<\/a>\u00a0recommendations. The highest Level 4 designation will now be reserved for \u201cspecial circumstances\u201d reflecting a dangerous spike in COVID-19 cases, a new variant or health care infrastructure collapse. You can find the\u00a0<a href=\"https:\/\/wwwnc.cdc.gov\/travel\/noticescovid19\" target=\"_blank\" rel=\"noopener noreferrer\">CDC\u2019s travel recommendations here<\/a>.<\/p>\n<p>Monday the mask mandate for air travel was lifted as U.S. District Judge Kathryn Kimball Mizelle ruled that the<a href=\"https:\/\/www.newsweek.com\/florida-judge-kathryn-kimball-mizelle-mask-mandate-travel-fauci-cdc-1699585\" target=\"_blank\" rel=\"noopener\">\u00a0face mask mandate for travelers was unlawful<\/a>.\u00a0 Welcome news for some, concerning news for others.<\/p>\n<\/div>\n<div>Each tax season feels like a marathon, and we just crossed our latest finish line this Monday evening after submitting those last few personal tax returns as well as trust, corporation and individual extensions.\u00a0 How welcome the las few days have been for me; sleeping \u201clate\u201d, cooking a delicious meal from start to finish, catching up on the latest gossip with friends, etc\u2026<\/div>\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-13364\" src=\"https:\/\/aparnesscpa.com\/app\/uploads\/20220420_152336-150x150.jpg\" alt=\"20220420 152336\" width=\"150\" height=\"150\" srcset=\"https:\/\/aparnesscpa.com\/app\/uploads\/20220420_152336-150x150.jpg 150w, https:\/\/aparnesscpa.com\/app\/uploads\/20220420_152336-252x252.jpg 252w, https:\/\/aparnesscpa.com\/app\/uploads\/20220420_152336-360x360.jpg 360w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/p>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-13365 aligncenter\" src=\"https:\/\/aparnesscpa.com\/app\/uploads\/20220420_153203-150x150.jpg\" alt=\"20220420 153203\" width=\"150\" height=\"150\" srcset=\"https:\/\/aparnesscpa.com\/app\/uploads\/20220420_153203-150x150.jpg 150w, https:\/\/aparnesscpa.com\/app\/uploads\/20220420_153203-252x252.jpg 252w, https:\/\/aparnesscpa.com\/app\/uploads\/20220420_153203-360x360.jpg 360w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-13358 alignright\" src=\"https:\/\/aparnesscpa.com\/app\/uploads\/20220420_152530-150x150.jpg\" alt=\"20220420 152530\" width=\"150\" height=\"150\" srcset=\"https:\/\/aparnesscpa.com\/app\/uploads\/20220420_152530-150x150.jpg 150w, https:\/\/aparnesscpa.com\/app\/uploads\/20220420_152530-252x252.jpg 252w, https:\/\/aparnesscpa.com\/app\/uploads\/20220420_152530-360x360.jpg 360w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Not quite sunrise, but a beautiful sunny 70 degree morning<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-13360 aligncenter\" src=\"https:\/\/aparnesscpa.com\/app\/uploads\/20220420_193146-150x150.jpg\" alt=\"20220420 193146\" width=\"150\" height=\"150\" srcset=\"https:\/\/aparnesscpa.com\/app\/uploads\/20220420_193146-150x150.jpg 150w, https:\/\/aparnesscpa.com\/app\/uploads\/20220420_193146-252x252.jpg 252w, https:\/\/aparnesscpa.com\/app\/uploads\/20220420_193146-360x360.jpg 360w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/p>\n<p>Delicious, healthy dinner of baked wild Alaskan cod, oven roasted Brussel sprouts and Greek salad, I can\u2019t remember the last time I cooked a full meal.<\/p>\n<p>Hopefully my team and I will feel refreshed after our 2 weeks of planned alternating time off as we gear up for May and finalizing those extended tax returns and projects that have been put on hold.<\/p>\n<p>I am hoping the rest of you are able to enjoy friends and family for the holidays, I was invited to a friend\u2019s Passover Seder, it was great to feel normal and connect in person again.<\/p>\n<h3 style=\"text-align: center;\">TAX ISSUES<\/h3>\n<h4 style=\"text-align: center;\">Taxpayers Who Missed the Filing Deadline Should File Now<\/h4>\n<p>The\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/taxpayers-who-owe-and-missed-the-april-18-filing-deadline-should-file-now-to-limit-penalties-and-interest-not-too-late-to-claim-the-child-tax-credit-for-2021\" target=\"_blank\" rel=\"noopener\">IRS encourages taxpayers who missed the tax filing deadline on April 18 to file as soon as possible.<\/a>\u00a0While taxpayers due a refund receive no penalty for filing late, those who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest. Families who don\u2019t owe taxes can still file their 2021 tax return and claim the Child Tax Credit for the 2021 tax year at any point until April 15, 2025.<\/p>\n<p>Some taxpayers automatically qualify for extra time to file and pay taxes without penalties and interests, including:<\/p>\n<ul>\n<li>Members of the military who served or are currently serving in a combat zone<\/li>\n<li>Support personnel in combat zones or a contingency operation in support of the Armed Forces<\/li>\n<li>Taxpayers outside the United States<\/li>\n<li>Some disaster victims<\/li>\n<\/ul>\n<h4 style=\"text-align: center;\">The IRS is Still Working Through Their Backlog of Tax Returns and Correspondence<\/h4>\n<p>We know that the IRS has been plagued by a shortage of employees at a time when their responsibilities has increased.\u00a0 We know that the service is working\u00a0 through the backlog of tax return submissions many of which include incorrect applications for refunds based upon stimulus funding.<\/p>\n<p><a href=\"https:\/\/www.cbsnews.com\/newyork\/news\/still-waiting-on-your-tax-refund-delay-likely-because-irs-down-tens-of-thousands-of-employees\/\" target=\"_blank\" rel=\"noopener\">Many taxpayers are frustrated that timely submitted tax returns are still not processed<\/a>.\u00a0\u00a0 It\u2019s hard to be patient, but the good news is that the \u201cdate stamp\u201d on prior year\u2019s efiled tax returns allow the IRS to accurately calculate and include interest on refunds.<\/p>\n<h4 style=\"text-align: center;\">IRS Announces Funding for Low Income Taxpayer Clinic Grant<\/h4>\n<p>The IRS announced that more than\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/irs-announces-2022-funding-for-low-income-taxpayer-clinic-grant-recipients\" target=\"_blank\" rel=\"noopener noreferrer\">$12.1 million in matching grants<\/a>\u00a0were awarded to 131 organizations across the country for development, expansion or continuation of qualified Low-Income Taxpayer Clinics (LITCs) for the 2022 grant year. The grant year runs from January 1 to December 31, 2022.<\/p>\n<h4 style=\"text-align: center;\">Monthly Child Tax Credit Payments<\/h4>\n<p>If you have questions about the advance Child Tax Credits for 2021, the two best sources are the\u00a0<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-schedule-8812-form-1040\" target=\"_blank\" rel=\"noopener noreferrer\">instructions for Schedule 8812<\/a>, which is used to calculate and report the credit on your 2021 tax return, and the\u00a0<a href=\"https:\/\/www.irs.gov\/credits-deductions\/2021-child-tax-credit-and-advance-child-tax-credit-payments-frequently-asked-questions\" target=\"_blank\" rel=\"noopener noreferrer\">IRS FAQs<\/a>. Before filing your tax return, check your\u00a0<a href=\"https:\/\/www.irs.gov\/payments\/your-online-account\" target=\"_blank\" rel=\"noopener noreferrer\">IRS Online Account<\/a>\u00a0to be sure you report the correct amount of any advance Child Tax Credit payments received during 2021. This will help ensure that refunds are paid promptly within 21 days. As a reminder, couples who filed Married Filing Joint will each receive a letter reporting half of the payments received. When filing 2021 tax returns, married couples will need to combine both amounts when they file their joint return.<\/p>\n<h3 style=\"text-align: center;\">ECONOMY<\/h3>\n<h4 style=\"text-align: center;\">Fannie Mae Economists: Economy Facing \u2018Modest\u2019 Recession Next Year<\/h4>\n<p>The economic outlook is dimming and a downturn could be on the horizon, as the Federal Reserve moves to ease the hottest inflation in four decades, according to Fannie Mae economists.<\/p>\n<p>The economists said in a new economic and housing forecast that the economy faces a\u00a0<a href=\"https:\/\/www.foxbusiness.com\/economy\/us-economy-modest-recession-2023-fannie-mae\" target=\"_blank\" rel=\"noopener noreferrer\">\u201cmodest recession\u201d in 2023<\/a>\u00a0due to the Fed\u2019s aggressive monetary policy tightening, the fallout from the Russian war in Ukraine, and the worst inflation in a generation.<\/p>\n<h4 style=\"text-align: center;\">Housing Starts Unexpectedly Rise in March<\/h4>\n<p><a href=\"https:\/\/www.cnbc.com\/2022\/04\/19\/us-housing-starts-unexpectedly-rise-in-march-building-permits-increase.html\" target=\"_blank\" rel=\"noopener noreferrer\">Homebuilding unexpectedly increased in March<\/a>, but starts for single-family housing declined due to rising mortgage rates. Housing starts increased 0.3% to a seasonally adjusted annual rate of 1.793 million units last month, while permits for future homebuilding increased 0.4% to a rate of 1.873 million units. However, single-family housing starts, which account for the biggest share of homebuilding, dropped 1.7% to a rate of 1.200 million units.<\/p>\n<h4 style=\"text-align: center;\">Hotels Face $21 Billion Business Travel Decline in 2022<\/h4>\n<p>Business travel revenue for the hotel industry is expected to decline by about $20.7 billion from pre-pandemic levels this year, after an estimated $108 billion decline over 2020 and 2021, according to a report from American Hotel &amp; Lodging Association and Kalibri Labs. The report forecasts that\u00a0<a href=\"https:\/\/www.ibj.com\/articles\/u-s-hotels-face-21b-business-travel-shortfall-in-2022\" target=\"_blank\" rel=\"noopener noreferrer\">hotel business travel revenue will remain 23% down<\/a>\u00a0from 2019 by the end of this year. On the other hand, leisure travel is expected to rebound to pre-pandemic levels in the coming months.<\/p>\n<h3>GENERAL RESOURCES<\/h3>\n<ul>\n<li>IRS resources for stimulus payments:\n<ul>\n<li>Use the\u00a0<a href=\"https:\/\/www.irs.gov\/coronavirus\/get-my-payment\" target=\"_blank\" rel=\"noopener noreferrer\">Get My Payment<\/a>\u00a0tool to check on EIP payment status<\/li>\n<li>Eligibility and general information about\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/more-details-about-the-third-round-of-economic-impact-payments\" target=\"_blank\" rel=\"noopener noreferrer\">Economic Impact Payments<\/a><\/li>\n<li>A list of\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/more-details-about-the-third-round-of-economic-impact-payments\" target=\"_blank\" rel=\"noopener noreferrer\">frequently asked questions<\/a>\u00a0for stimulus payments<\/li>\n<\/ul>\n<\/li>\n<li>IRS information about the\u00a0<a href=\"https:\/\/www.irs.gov\/credits-deductions\/advance-child-tax-credit-payments-in-2021\" target=\"_blank\" rel=\"noopener noreferrer\">Advance Child Tax Credit Payments<\/a>\n<ul>\n<li>Portal to\u00a0<a href=\"https:\/\/www.irs.gov\/credits-deductions\/child-tax-credit-update-portal\" target=\"_blank\" rel=\"noopener noreferrer\">update information<\/a><\/li>\n<li>A list of\u00a0<a href=\"https:\/\/www.irs.gov\/credits-deductions\/2021-child-tax-credit-and-advance-child-tax-credit-payments-frequently-asked-questions\" target=\"_blank\" rel=\"noopener noreferrer\">frequently asked questions<\/a>\u00a0on the advance Child Tax Credit Payments<\/li>\n<\/ul>\n<\/li>\n<li>The best source for up-to-date and accurate health information is the\u00a0<a href=\"https:\/\/www.cdc.gov\/coronavirus\/2019-ncov\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">Center for Disease Control (CDC)<\/a><\/li>\n<li>Our\u00a0<a href=\"https:\/\/aparnesscpa.com\/weekly-digestss\/\" target=\"_blank\" rel=\"noopener noreferrer\">Covid-19 Resource Center<\/a>\u00a0with relevant blog posts, videos and prior weekly newsletters<\/li>\n<li>Payroll, HR and benefits company Gusto has put together\u00a0<a href=\"https:\/\/gusto.com\/blog\/people-management\/coronavirus-employers-guide\" target=\"_blank\" rel=\"noopener noreferrer\">An Employer\u2019s Guide to Navigating the Coronavirus<\/a><\/li>\n<li>Accounting Today has a\u00a0<a href=\"https:\/\/www.accountingtoday.com\/coronavirus\" target=\"_blank\" rel=\"noopener noreferrer\">special page for articles on COVID-19<\/a><\/li>\n<li>Intuit QuickBooks has a\u00a0<a href=\"https:\/\/quickbooks.intuit.com\/smallbusinesshelp\/\" target=\"_blank\" rel=\"noopener noreferrer\">dedicated page to help small businesses<\/a><\/li>\n<li>Entrepreneur put together a listing of\u00a0<a href=\"https:\/\/www.entrepreneur.com\/article\/347840\" target=\"_blank\" rel=\"noopener noreferrer\">free tech resources<\/a>\u00a0for remote work<\/li>\n<li>The Consumer Financial Protection Bureau has\u00a0<a href=\"https:\/\/www.consumerfinance.gov\/about-us\/blog\/beware-coronavirus-related-scams\/\" target=\"_blank\" rel=\"noopener noreferrer\">warnings about COVID-related scams<\/a><\/li>\n<li>Fast Company has a listing of the\u00a0<a href=\"https:\/\/www.fastcompany.com\/90529784\/the-25-best-new-productivity-apps-for-2020\" target=\"_blank\" rel=\"noopener noreferrer\">best productivity apps for 2020<\/a><\/li>\n<li>The New York Times has an online newsletter on\u00a0<a href=\"https:\/\/www.nytimes.com\/2020\/08\/17\/us\/k-12-schools-reopening.html\" target=\"_blank\" rel=\"noopener noreferrer\">K-12 and higher education<\/a><\/li>\n<li>The Wall Street Journal has a collection of\u00a0<a href=\"https:\/\/www.wsj.com\/news\/collection\/edu-hub-e8faa996\" target=\"_blank\" rel=\"noopener noreferrer\">articles on education<\/a><\/li>\n<li>The Louvre has digitized\u00a0<a href=\"https:\/\/www.npr.org\/2021\/03\/30\/982258972\/not-heading-to-paris-this-summer-the-louvre-has-digitized-482-000-artworks\" target=\"_blank\" rel=\"noopener noreferrer\">482,000 artworks from its collection<\/a><\/li>\n<li>PC Magazine explains how to\u00a0<a href=\"https:\/\/www.pcmag.com\/how-to\/how-to-carry-your-vaccination-card-on-your-phone\" target=\"_blank\" rel=\"noopener noreferrer\">carry your vaccination card on your phone<\/a><\/li>\n<li>How to\u00a0<a href=\"https:\/\/protonmail.com\/blog\/how-to-create-a-strong-password\/\" target=\"_blank\" rel=\"noopener noreferrer\">create a strong password<\/a><\/li>\n<\/ul>\n<p>We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don\u2019t hesitate to reach out to us. We are all in this together!<\/p>\n<div class=\"pageWrap\">\n<p>&nbsp;<\/p>\n<div class=\"section\">\n<div class=\"container\">\n<div class=\"row\">\n<div class=\"pageContent pageContent-withSidebar\">\n<article class=\"article article-col article-full\">\n<div class=\"article_content\">\n<p>If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan,\u00a0<a href=\"https:\/\/aparnesscpa.com\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact us<\/a>\u00a0for a complimentary discovery session<a href=\"https:\/\/aparnesscpa.com\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0or an appointment to just get started.<\/a><\/p>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"sidebar\">\n<div class=\"sidebarContent\">\n<section class=\"widget gform_widget gForm-2 gform_widget gForm\">\n<div id=\"gform_wrapper_4\" class=\"gf_browser_chrome gform_wrapper\">\n<form id=\"gform_4\" action=\"https:\/\/aparnesscpa.com\/weekly-digestss\/weekly-digest-april-20-2022\/\" enctype=\"multipart\/form-data\" method=\"post\">\n<div class=\"gform_heading\">\n<h3 class=\"gform_title\">Complementary Discovery Session<\/h3>\n<p><span class=\"gform_description\">This is our way for each of us to get to know each other a little bit better so we can map out a strategy that will help you meet your goals<\/span><\/p>\n<\/div>\n<div class=\"gform_body\">\n<ul id=\"gform_fields_4\" class=\"gform_fields top_label form_sublabel_below description_below\">\n<li id=\"field_4_1\" class=\"gfield field_sublabel_below field_description_below hidden_label gfield_visibility_visible\">\n<div class=\"ginput_container ginput_container_text\"><input id=\"input_4_1\" class=\"medium\" tabindex=\"1\" name=\"input_1\" type=\"text\" value=\"\" placeholder=\"Name\" aria-invalid=\"false\" \/><\/div>\n<\/li>\n<li id=\"field_4_2\" class=\"gfield field_sublabel_below field_description_below hidden_label gfield_visibility_visible\">\n<div class=\"ginput_container ginput_container_email\"><input id=\"input_4_2\" class=\"medium\" tabindex=\"2\" name=\"input_2\" type=\"text\" value=\"\" placeholder=\"Email\" aria-invalid=\"false\" \/><\/div>\n<\/li>\n<li id=\"field_4_3\" class=\"gfield clearit field_sublabel_below field_description_below hidden_label gfield_visibility_visible\">\n<div class=\"ginput_container ginput_container_textarea\"><textarea id=\"input_4_3\" class=\"textarea small\" tabindex=\"3\" cols=\"50\" name=\"input_3\" rows=\"10\" placeholder=\"Message\" aria-invalid=\"false\"><\/textarea><\/div>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"gform_footer top_label\"><input id=\"gform_submit_button_4\" class=\"gform_button button\" tabindex=\"5\" type=\"submit\" value=\"Send\" \/><\/div>\n<\/form>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The good news on the travel front is that the US Centers for Disease Control and Prevention has\u00a0removed all countries from its \u201cDo Not Travel\u201d\u00a0recommendations. The highest Level 4 designation will now be reserved for \u201cspecial circumstances\u201d reflecting a dangerous spike in COVID-19 cases, a new variant or health care infrastructure collapse. You can find &hellip; <a href=\"https:\/\/aparnesscpa.com\/weekly-update-april-21st-2022\/\">Continued<\/a><\/p>\n","protected":false},"author":2,"featured_media":13364,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[295,1,380,87],"tags":[289,373,374],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Weekly Update \u2013 April 21st 2022 - A. 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