The Internal Revenue Service allows qualified taxpayers to deduct vehicle mileage related to business, charity, medical or moving expenses – but there are several rules to be aware of. Recently issued Notice 2024-08 outlines the optional 2024 standard mileage rates that taxpayers will need to use when computing the deductible costs in the upcoming year. […]
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The U.S. Department of Treasury and the Internal Revenue Service recently released a notice of proposed regulations to update the investment tax credit (ITC) rules to encompass various forms of renewable energy, that haven’t been changed since year 1987. Notice 2023-25539.pdf outlines the various kinds of energy properties eligible for the Section 48 investment tax […]
With the end of 2023 rapidly approaching, the IRS encourages taxpayers to use this “window of opportunity” to review their current withholding status as soon as possible to make any necessary adjustments to their withholdings, to potentially avoid a surprise when filing a tax return next year. Although it’s most advantageous for taxpayers to verify […]
Trusts are an essential financial planning tool for anyone, as there are numerous benefits in establishing a trust, such as: no probate court, potential tax benefits, specificity, valid while you’re living and in some cases, offers flexibility. Life is unpredictable, a trust acts as a highly versatile instrument that can be used for various purposes […]
Based off the recent adjustments from the U.S. Bureau of Labor Statistic’s release of the consumer price index, it is predicted that the inflation-adjusted amounts in the Tax Code will increase 5.4% in 2024. While that’s a slight decrease from the 7.1% increase this year, it is in fact almost double the 3% increase we […]
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The Internal Revenue Service has recently published its annual notice, Notice 2023-68, providing the updated 2023-2024 special per diem standard rates which taxpayers can use when substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home (for lodging, meals and incidentals). While some of the special per diem rates are […]
Read More… from IRS Increases 2023–2024 Per Diem Rates for Business Travelers
Effective January 1, 2024, businesses with large cash transactions must electronically file Form 8300 when receiving cash payments of $10,000 or greater. This new requirement was recently issued in news guidance IR-2023-157 by the Internal Revenue Service. Generally, if you’re in a trade or business and receive more than $10,000 in cash in a single […]
As the Wall Street Journal pithily summarizes it, “Higher earners age 50 and up will get two more years to use pretax dollars for all of their retirement savings in 401(k)s and similar plans, after the Internal Revenue Service delayed a new requirement.” The IRS has announced an administrative transition period that extends until 2026 […]
The Tax Cuts and Jobs Act largely winds down at the end of 2025. Maybe. Many of its provisions are political, so much depends on who’s in the White House and who has control of the House and Senate at that time. Before you start planning, glean some understanding of what the TCJA does and […]
Another day, another scam to be on the lookout for. The IRS recently issued warning notice IR-2023-131 that addresses what to do if any tax-related correspondence is received promising tax refunds or to “fix” tax problems, to be extremely wary and don’t open them. The IRS will never initiate contact with taxpayers by email, text […]
Read More… from Summertime Tax Scams Surging. IRS Urges Extra Caution.