IRS Issues Mid-Year Increase in Mileage Rates
On July 1, 2022 the IRS business mileage rate is increasing from 58.5 to 62.5 cents per mile, and the medical and moving mileage rate is increasing from 18 to 22 cents per mile.
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Can the IRS Seize my Social Security Benefits?
The IRS can garnish your Social Security benefits and other federal payments to satisfy your tax debt. Because the IRS also takes the position that you have a fixed determinable right to receive future Social Security benefits, the levy will continue until the tax debt is satisfied, and the levy will NOT expire when the collection statute of limitation expires.
Important Victory for Ohio Taxpayers
The Ohio Supreme Court directed the Ohio Treasurer and Tax Commissioner on May 3, 2022 to respond to a lawsuit that would require the state of Ohio to state to start keeping records on how much state income tax has been withheld from each taxpayer.
SPECIAL ISSUES IN ESTATE PLANNING: WHEN DOCUMENTS ARE JUST NOT ENOUGH
Some estate planning processes can involve difficult decisions, such as planning for minor children, adult children with disabilities, or the proper disposition of unusual property or pets.
Warning: Your Tax Home May Not Be In the City Where You Live
The term “tax home” does not have its usual and customary meaning when interpreting issues of federal income tax law. Generally, your tax home is the entire city or general area where your main place of business or work is located, regardless of where you maintain your personal residence.
Watch For (And Keep!) Your Advance Child Tax Credit Letter From The IRS
The IRS started sending Letter 6419, “2021 Advance Child Tax Credit Payments”, in late December 2021. Taxpayers should refer to these letters when preparing their tax return,. They should also compare the payment total in their IRS letter with their bank statements to see if they agree.
IRS Audit Technique Guides Are Valuable Business Resources
The IRS publishes Audit Technique Guides on their website that provide valuable insight on how the IRS conducts retail industry audits. The guides are also helpful for business owners and tax professionals in developing financial best practices for their businesses.
Asserting Reasonable Cause Defenses for IRS Penalty Forgiveness
Many clients contact our office when they receive a notice informing them that the IRS has assessed additional tax, penalties, and interest to their tax return from one, two, or even three years ago. Sometimes there is a dispute as to whether the additional tax is...
Do You Know Where Your Will Is?
Take a periodic inventory of your important papers and documents and keep them in a safe place that your loved ones can find.
Tax Law Changes on the Horizon
Senator Bernie Sanders recently introduced legislation that, if passed, will create significant changes in estate and gift taxes.While it is impossible to know what the final legislation will be, tax law changes are extremely likely.
