Standard mileage rate to increase for last half of 2022
Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.
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Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.
Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.
The IRS continued its annual series, highlighting threats to ordinary taxpayers from would-be thieves.
The first installment of the Internal Revenue Service’s annual feature focuses on four abusive transactions and arrangements.
Communicate the benefits of the mark-to-market election.
Recent changes in reporting requirements will lead to mistakes, but taxpayers should not ignore them.
The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.
The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.
The IRS’s interpretation of a conservation easement rule is struck down.
Parents pursuing an adoption can use a CPA’s advice.
The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.
A taxpayer convinces the Tax Court he entered into the activity for profit despite not making one and having substantial other income.
The subsidy improves affordability for lower-income families.
The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
The new, lower $600 reporting threshold for reporting credit card and cash payment app transactions will likely lead to problems for taxpayers and payment settlement entities, the Taxpayer Advocate Service warns.
Gold coins kept in taxpayer’s residence caused taxable IRA distributions.
Taxpayer’s organic oasis was not yet a going concern, the Tax Court holds.
Payments are excluded from gross income; a safe harbor is provided for itemized deductions.
SPONSORED REPORT
This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.