Oberman Law Firm

Pending Tax Law Update

While the Build Back Better (BBB) legislation appears to be going nowhere, an announcement on February 9 indicated that Republicans and Democrats had reached a ‘framework’ to negotiate a belated omnibus spending bill for fiscal 2022. This announcement likely marks the beginning of discussions on what to do about 41 tax provisions that expired in tax year 2021.

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Action on Telehealth Expansion

A bipartisan, bicameral group of lawmakers called unsuccessfully for the permanent extension of expanded coverage of telehealth services to be included in the stopgap legislation passed earlier this week. The letter was sent to congressional leaders the same day Sens. Catherine Cortez Masto (D-NM) and Todd Young (R-IN) introduced a bipartisan bill to extend Medicare telehealth flexibilities for two years.

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Employee Retention Tax Credit Update

On Thursday February 10, Senators Tim Scott, R-S.C., and Maggie Hassan, D-N.H. introduced legislation to reinstate the Employee Retention Tax Credit (ERC) that expired for most businesses in September after the passage of the Infrastructure Investment and Jobs Act in November of 2021. The senators’ bill is a companion to the original “Employee Retention Tax Credit Reinstatement Act” filed in the House in December 2021 by Rep. Carol Miller.

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IRS Suspends Mailing of Additional Letters

Due to the backlog of unprocessed tax returns the IRS has announced News Release IR-2022-31the suspension of more than a dozen letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.

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Cyber Security Risks

The threat of a cyber attack increases every hour. As more employees work remote, and as technology expands in the workspace, employers must take the threat of cyber security seriously. Below are some suggestions to ensure that your technology and data are safe.

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