Recent Articles
IRS Mileage Rate Increases to 65.5 Cents/Mile in 2023.
The rate for the second half of 2022 is set at $65.5 per mile driven for business purposes, an increase of 3 cents from the midyear increase. The optional standard mileage rates for 2023 have been released by the Internal...
The IRS has updated its Form 1099-K FAQs.
The IRS considers the calendar year 2022 to be a transition year for the lower reporting threshold of more than $600. The IRS announced on Wednesday that fact sheet FS-2022-41 has been updated with frequently asked questions for Form 1099-K,...
Count on the new per diem rates
The government sets a flat rate for certain “high-cost areas” such as New York, Chicago, Los Angeles, and other major cities each year. Employee business travel expenses are frequently scrutinized by the IRS. Unfortunately, keeping all of the detailed records...
When to Expect IRS Income Tax Refunds in 2023 – Estimates
Edited: 26th December 2022 This chart depicts an estimated timeline for when a taxpayer will likely receive their refund, based on current information and projections from previous years—and depending on when the individual files their return. Although it’s way too...
Treasury Sets Strict Deadline for Providing Guidance on Tax Provisions Under the Inflation Reduction Act.
Treasury promised to publish details on the legislation’s tax provisions before the year is out. The Inflation Reduction Act contains important tax provisions, and the U.S. Treasury Department yesterday announced a timeline for providing more information. Consumers and businesses will...
Thanks to inflation, essentials are much more expensive this holiday season.
According to a Bankrate study, the majority (88%) of holiday staples have become more expensive in the last year. This holiday season, inflation may be as much a part of Americans’ festivities as gifts and gatherings. Almost every aspect of...