The Internal Revenue Service issued the 2023 optional standard mileage rates today for computing the deductible cost of operating an automobile for business, charitable, medical, or moving purposes. The most notable change...more
Due to the increase in the cost of gasoline since establishing the 2022 rates last year, the Internal Revenue Service is increasing mid-year the optional standard mileage rates for computing the deductible cost of operating...more
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2022, and the increase in rates...more
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2021, and the decrease in rates...more
On the evening of December 21, 2020 the House and Senate passed the Consolidated Appropriations Act, 2021 (the “Act”), a 5,593 page bill that funds the federal government for the next fiscal year and provides long anticipated...more
12/23/2020
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Tax Deductions ,
Tax Planning
Through the release of a Revenue Ruling and a Revenue Procedure, the IRS re-affirmed its stance that taxpayers may not deduct payments for otherwise deductible business expenses (i.e., payroll, rent, covered utility payments,...more
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2020, and the decrease in rates...more
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2019, and the increased rates reflect...more
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2018, and the increased rates reflect...more
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2017, and the reduced rates reflect...more