The IRS has iupdated the optional safe harbor method for calculating the basis of individual units in a real property development project to determine the gain or loss from sale of those units.
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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.
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.
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.
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.
Temporary 100% Deduction for Business Meal Expenses
IRS provides guidance on tax relief for deductions for food or beverages from restaurants; businesses can temporarily deduct 100% beginning January 1, 2021
Beware Of “Quiet” Changes In The Federal Tax Law
During his presidential campaign, Joe Biden proposed repealing the step-up in basis for capital gains. Income tax law has always provided that the value of inherited assets, like a family business, is “stepped up” to its fair market value when the owner dies. So, if...
Tax Tips for New Business Owners
Understanding the tax responsibilities that come with starting a business venture can save you time, money, and aggravation, and help set you up for success. Here are six tips for new business owners. Choose a Business Structure The form of business determines which...