As it does each year, the IRS recently released the inflation- adjusted 2022 optional standard mileage rates used to calculate the deductible costs of running a vehicle for business, charitable, medical or moving purposes.
As it does each year, the IRS recently released the inflation- adjusted 2022 optional standard mileage rates used to calculate the deductible costs of running a vehicle for business, charitable, medical or moving purposes.
IRS launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications. To provide this verification service, the IRS is using ID.me, a trusted technology provider.
If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are needed to release the worker and the IRS a Form 1099-NEC no later than January 31, 2022, for 2021 payments.
Claimed the employee retention credit (ERC) in the 4th quarter of 2021? Read about a retroactive change impacting the credit for the 4th quarter of 2021.
Bid farewell to the employee retention credit (ERC) for the 4th quarter. Lawmakers giveth, and lawmakers taketh away.
In this case, what lawmakers did is pitiful. It's like magic: now you see it, now you don't.
When the individual production activity of a partner is outside his/her capacity as a member of the partnership, the partnership has 2 options:
December is the month to take final actions that can impact your tax outcome for 2021. Taxpayers with significant boosts or declines in income, modifications in marital status or dependent status, and those who sold off residential or commercial property during the course of 2021 ought to seek a tax planning consultation appointment.
President Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021. One of the provisions of that legislation retroactively ended the employee retention credit (ERC) early.
Congress considers our tax system a "pay-as-you-earn" system. To facilitate that principle, the federal government has actually provided a number of ways of helping taxpayers in meeting the "pay-as-you-earn" requirement.