IRS News
Credits and Deductions | Internal Revenue Service
You can claim credits and deductions when you file your tax return. You may also qualify for certain coronavirus credits, deductions and relief.
irs.gov
Here’s what businesses need to know about the enhanced business meal deduction | Internal Revenue Service
The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction.
irs.gov
This IRS Form 1099 Is Not Counted As ‘Income’ By IRS
Lawyers, it turns out, are singled out in several ways with IRS Forms 1099. They receive these tax forms for most payments, but they get a special type of 1099 that is not counted as income, and that is a good deal. But they also have to send many 1099s.
forbes.com
IRS boosts standard mileage rate deduction to 62.5 cents per mile, a 4 cent hike, as gas soars to more than $5 a gallon
The IRS will boost the standard mileage rate by 4 cents, to 62.5 cents per mile, starting on July 1. The midyear change is due to soaring gas prices.
cnbc.com
National Taxpayer Advocate
An Overloaded IRS Stops Certain Automated Notices, But Taxpayers Still Need to File Federal Tax Returns and Pay Outstanding Taxes
OVERLOADED IRS STOPS CERTAIN AUTOMATED NOTICES, BUT TAXPAYERS STILL NEED TO FILE FEDERAL TAX RETURNS AND PAY OUTSTANDING TAXES
In the latest NTA BLOG, National Taxpayer Advocate Erin M. Collins breaks down critical information taxpayers and tax practitioners need to know about the IRS’s recent decision to suspend some automated collection notices.
“We commend the IRS for suspending automated collection notices normally issued when a taxpayer owes additional tax and when the IRS has no record of a taxpayer filing a tax return,” says Collins. “This is a big relief for millions of taxpayers who may have received these notices while still waiting for the IRS to process their returns or address correspondence. Remember that interest and penalties will continue to mount, even if the IRS is not sending subsequent notices reminding taxpayers of their balances.”
The NTA encourages taxpayers to access or establish an online account with the IRS to view current balances and make payments.
The blog also cautions that despite the IRS stopping certain collection notices case-specific enforcement work will continue. This means some taxpayers may: • Receive a Notice of Federal Tax Lien; • Receive a Notice of Intent to Levy; • Have a certain property levied; and • Have their overpayments, including refundable tax credits, offset outstanding tax liabilities. Information is also provided about how taxpayers can seek relief from levies and refund offsets. Read the full NTA Blog for more important details.
The Taxpayer Advocate Service invites you to share this vital tax information with your audience.
irs.gov
Tax News
Why FDI Matters for U.S. Employment, Wages, and Productivity
The Biden administration has offered several proposals to reform the taxation of U.S. multinationals, addressing profit shifting as well as a broader view that offshoring is bad for the U.S. economy and firms should be encouraged to “reshore” as much activity to the United Sates as possible. Contrary to the Biden administration’s claims, raising taxes on cross-border investment would hurt U.S. economic growth and jobs. Research shows that FDI creates jobs in the U.S. and raises workers’ wages and productivity.
taxfoundation.org
From The Desk of Keith L. Jones, CPA
NON FILERS OR UNFILED TAX RETURN
You create BIG tax problems when you are one of the many IRS non-filers and have unfiled or delinquent tax returns (don’t submit your income tax returns with the IRS).
People think that you need a tax attorney to solve your back taxes, but a tax professional like a CPA can help with your tax issues.
Learn More: https://keithjonescpa.com/irs-tax-relief/irs-filers
keithjonescpa.com