Tag Archives: IRS

IRS raises mileage rates effective July 1, 2022

business mileage rates

Effective July 1, 2022, the business standard mileage rate for use of an automobile (including vans, pickup trucks and panel trucks) increases from $0.585 to $0.625, and the rate for medical and relocation mileage increases from $0.180 to $0.220. Mileage related to charity is set by law and remains at $0.14 per mile. (Notice 2022-03; Announcement […]

Businesses can utilize the same information IRS auditors use to examine tax returns

The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations. Many ATGs target specific industries or businesses, such as construction, aerospace, art galleries, child […]

Now’s the time to review your business expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many […]

Controversial Charitable Contribution Regulation Withdrawn

This past September, the IRS proposed a regulation that would require charitable organizations to collect personal information from its donors and file information returns with the IRS with this personal information for donations over $250. The IRS would, in turn, would use informational returns received from the donee to match the amounts with the social security […]

IRS to Begin Contacting Employers with Late Payroll Tax Payments

Falling behind on payroll taxes? Expect a call from the IRS soon. In a recent news release, the IRS announced its plans to launch a new initiative aimed at monitoring payroll deposit patterns. Employers that are falling behind on payments will receive a letter or automated phone message reminding them of their payroll tax responsibilities. […]

How to Choose a Tax Preparer

With the 2015 tax filing season quickly approaching, I thought I would share this article the IRS published earlier this month about how to “Make a Wise Choice when Selecting a Tax Preparer”. I summarized a few key points below, because lets face it, it’s 2015 and nobody has the attention span to read a […]

IRS Audit Rates Drop, Again

A recent report shows IRS individual audit rates at the lowest level since 2004. In addition to cuts in IRS funding and staffing, the 8 million phone calls the IRS dropped, and the cyber theft of $39mm from fraudulently filed returns, audit rates have dropped to 0.84%. To put this in perspective, just over 8 […]

“Blow Up the Tax Code and Start Over”

Rand Paul wrote a piece in the Wall Street Journal the other day titled “Blow Up the Tax Code and Start Over”. Can his proposal for a flat 14.5% tax to personal and corporate income be the solution to our nations complex tax code? Rand states that from 2001 to 2010, there was an average […]

The IRS data breach and how to prevent becoming a victim

We live in a digital era of information. While we try to simplify the way data is stored and accessed, we need to be sure that this information is safeguarded from those who can use it to harm us. Recently, the IRS released a bulletin about the data breach they had just experienced. Out of […]

Spring 2015 Statistics of Income IRS Bulletin Released!

Last week, the IRS released the Spring 2015 Statistics of Income Bulletin. The bulletin includes preliminary numbers from the 2013 tax year. Some of the more interesting data points include the following: 147.7 Million tax returns were filed, 1.9% more than the previous year. Although Adjusted Gross Income (AGI) and taxable income was only up […]