Business Update – April 13 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Consumer Prices Rose 8.5% in March
Headline CPI in March rose by 8.5% from a year ago, representing the fastest annual gain since December 1981 and one-tenth of a percentage point above the Dow Jones estimate of 8.4%. The increase in food, energy, and shelter costs contributed to the gain. However, there were signs that core inflation appeared to be ebbing, as it rose just 0.3% for the month, less than the 0.5% estimate.
NFIB: Small Business Confidence Fell in March
Small business confidence fell in March, with 31% of owners reporting that inflation was their single most important problem the largest since 1981, according to a survey by the National Federation of Independent Business. Small Business Optimism Index dropped 2.4 points to 93.2 last month, the third straight month of readings below the 48-year average of 98.
Monthly Child Tax Credit Payments
If you have questions about the advance Child Tax Credits for 2021, the two best sources are the instructions for Schedule 8812, which is used to calculate and report the credit on your 2021 tax return, and the IRS FAQs. Before filing your tax return, check your IRS Online Account to 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.
Deadline for Estimated Federal Tax Payments: April 18
Self-employed individuals, retirees, investors, businesses, corporations and others who make estimated tax payments should be reminded that the payment for the first quarter of 2022 is due Monday, April 18. The 2022 Form 1040-ES, Estimated Tax for Individuals, can help you estimate your first quarterly tax payment.
Requesting an Identity Protection Pin from the IRS
All taxpayers, especially those who are victims of identity theft, should take an important step to protect themselves from tax fraud. By requesting Identity Protection PINs from the Get an IP PIN tool on IRS.gov, you can prevent identity thieves from claiming tax refunds in your names.
IBM Study: Financial Fraud a Big Problem in the US
The 2022 IBM Global Financial Fraud Impact Report found that US citizens have been victimized more regularly than all other countries surveyed in the report. It also found that the average American consumer loses about $265 per year in fraudulent financial charges made by unauthorized third parties. While modern technologies aim to prevent fraud, always be vigilant about your financial activities online, as fraudsters still manage to find a way to get their victims.
IRS Debunks Myths About Tax Refunds
A number of new and common myths circulate on social media every tax season. The IRS released key information to dispel these myths and to help people with the April 18 tax-filing deadline. Some of these myths include:
- Calling the IRS or visiting an IRS office speeds up a refund.
- Taxpayers need to wait for their 2020 return to be processed before filing their 2021 return, or that all refunds are delayed due to the number of 2020 returns the IRS still needs to process.
- Taxpayers can get a refund date by ordering a tax transcript
- Where’s My Refund? must be wrong because there’s no deposit date yet
- Where’s My Refund? must be wrong because a refund amount is less than expected
- Calling a tax professional will provide a better refund date
- Getting a refund this year means there’s no need to adjust tax withholding for 2022
Government Has Just 1% of EV Chargers It Needs
The government owns about 1,100 EV charging stations, and it may need more than 100,000 to support widespread EV use in the next decade, according to testimony from the Government Accountability Office (GAO). GAO has identified charging infrastructure costs and installation as a key challenge to acquiring EVs for federal fleets. Last month, the government unveiled a plan to award nearly $5 billion over the next five years to build thousands of EV charging stations.
We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are all in this together!