Two recently passed pieces of tax legislation have brought about several tax changes for 2023 that may affect you.
IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase
The IRS recently announced a 4-cent increase in the optional mileage rate for the last half of 2022.
The 2022 IRS Interest Rate Hike Will Go Live April 1st
An upcoming change in interest rates being imposed by the IRS may have a direct impact on you in April 2022.
Tax Court Decision Holds Potential Impact for Travel Deductions
There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court – Soboyede, TC Summary Opinion 2021-3, 1/26/21 – has apparently established a new standard for what the IRS is […]
IRS Guidance: PPP Loan Expenses Not Tax-Deductible
Are PPP Loan Expenses Tax-Deductable? The IRS is giving guidance on the Payroll Protection Program loan expenses and the deduction treatment in question. On April 30th, the IRS released guidance announcing that expenses relating to Paycheck Protection Program forgivable loans will not be tax-deductible. Cares Act and Payroll Protection Program Loan Expenses The Paycheck Protection […]
Important Tax Deduction Changes Under Tax Reform
Tax deduction changes in the Tax Cuts and Jobs Act affect almost every person who files itemized deductions on tax returns with the IRS in prior years. One favorable change is that tax reform is nearly twice the standard deduction for most taxpayers. This means that many individuals may prefer to take the standard deduction. This standard deduction makes tax filing more simple. However, some taxpayers will still itemize their total deductions when these deductions exceed the standard deduction amount for the taxpayers filing status.