Account Kare

06/17/2022

Mid-year mileage rate increase for business and medical. You must separate your mileage by Jan - June and then
July to Dec for me this year to take maximum advantage of the rate change.
Karen

IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

05/19/2022

Another interesting article.

Tax collections since the start of the fiscal year in October are running at a record high — up some 43% over the same period in 2019, the most recent comparison not disturbed by the pandemic, Treasury Department data through Thursday ...

05/19/2022

Interesting article.

An audit by the Treasury Inspector General for Tax Administration (TIGTA) has found that the Internal Revenue Service made an intentional decision "to destroy an estimated 30 million paper-filed information return documents in March 2021."

04/30/2022

You had to know that this was going to happen when someone realized they couldn't write these expenses off, as employee business expense and employers aren't reimbursing.

The legal disputes have arisen because very few employers adopted clear policies about reimbursing workers for work-related expenses at home, according to academics and legal experts.

01/05/2022

News from the IRS regarding your advance child tax credit received for 2021.

You will need this for your tax appointment so please KEEP and add to the other items you bring

Karen

IR-2021-255, December 22, 2021 — The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Using this information when p...

12/20/2021

New 2022 Mileage rates have been posted

Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021...

11/18/2021

Another FYI

The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for...

11/18/2021

Just an FYI folks

11/15/2021

As most CPAs are aware, Americans moving out of the U.S. to countries like Canada are still required to file U.S. tax returns in addition to various other disclosures, forms and treaty elections each year.