On Friday, October 13, 2023, the IRS announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. IRS Notice 2023-71 provides relief to certain taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation. These taxpayers now have until October 7, Read More…
On Thursday, December 29th, the Internal Revenue Service issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: Read More…
Section 4960 of the Internal Revenue Code imposes a 21% excise tax on remuneration in excess of $1 million as well as excess “parachute payments” paid by applicable tax-exempt organizations (ATEOs) or their related entities to any “covered employee.” Tax-exempt employers that compensate their executives over $1 million per year or that pay separation-related compensation Read More…
The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed for the 2019 and 2020 tax years. Notice 2022-36 provides systemic penalty relief to taxpayers for certain civil penalties related to 2019 and 2020 returns. Penalty relief is automatic, Read More…
On Wednesday, July 27th, the Internal Revenue Service acknowledged that some tax payments made for 2021 tax returns had not been correctly applied to joint taxpayer’s accounts, and these taxpayers were receiving erroneous balance due notices (CP-14 notices), or notices showing the incorrect amount. Generally, the misapplied payments were made by the spouse (second taxpayer Read More…
Effective July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile – the highest rate the IRS has ever published—up 4 cents from the 58.5 cents per mile rate effective for the first six months of the year. The new rate for Read More…
The U.S. Department of the Treasury and the White House have announced the relaunch of the renewed website – ChildTaxCredit.gov. The website now features many new changes made to help taxpayers file their taxes. Taxpayers can access the remainder of the expanded Child Tax Credit (CTC) or the full amount of the CTC with the help Read More…
The IRS has recently announced that they have expanded the availability of IP PIN’s on a national basis. Previously, the IRS issued IP PIN’s only to individuals that were victims of identity theft. The IP PIN would change each year and the IRS would send a letter each year, to persons that had previously been Read More…
On November 18, 2020, the IRS released Revenue Ruling 2020-27, which outlines the treatment of the loan proceeds that a business expects to be forgiven. Prior to the release of this Revenue Ruling, businesses expected to expense 100% of their business expenses, that were covered by the PPP Loan, on their 2020 tax returns and Read More…
Each year, the IRS adjusts for inflation key tax limits and tax brackets, based on the cost of living adjustments (COLA). Here are some important tax adjustments announced for the filing of 2021 tax returns, that become effective on January 1, 2021: Income Tax Changes Tax brackets for all filing statuses. The highest 37% individual Read More…
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