Standard Mileage Rates Increase for 2018
The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving and charitable purposes.
Author Archives: Scott Ackerman
The IRS Can Now Prevent the Issuance of a Passport to Those With More than $50,000 of Federal Tax Debt
The IRS has issued a reminder that it is allowed to certify to the US State Dept if a taxpayer has seriously delinquent tax debt, which could impact obtaining or keeping a US passport.
IRS Changes Stance – Payments to Research Fellows Now Considered Compensation
The IRS recently changed its stance regarding payments made by a teaching and research hospital to its research fellows, stating that these payments are now considered “wages” and are subject to social security taxation.
Updated 2017 Standard Mileage Rates
The IRS has released the 2017 optional standard mileage rates that taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes.
New Version of Form I-9 Released
The U.S. Citizenship and Immigration Services (USCIS) has released a new version of Form I-9, which includes several helpful changes.
New 1099 Filing Requirements – Earlier Deadlines & Significant Penalties
Beginning in 2017, there are important changes to the IRS Form 1099 filing and reporting requirements, including earlier due dates and the potential for significant penalties for late and incomplete filings.
IRS Gives Way on Per Taxpayer Mortgage Deduction
The IRS has announced its acquiescence with regards to the mortgage interest deduction. The Ninth Circuit Court of Appeals, reversing the Tax Court, found that when multiple unmarried taxpayers co-own a qualifying residence, the debt limit provisions apply per taxpayer and not per residence.
Increased Penalties for Failure to File Information Returns
The Trade Preference Extension Act (the TPE) became law on 6/29/15, and included in it were a few little-noticed but significant changes to the penalties for failing to file required information returns (i.e. 1099s and W-2s) and, in some cases, … Continued
Can I Bonus That? A Lesser Known Change to Bonus Depreciation from the PATH Act
The PATH Act (Protecting Americans from Tax Hikes) made several changes to bonus depreciation, most notably extending it through 2019 for most types of assets. However, another change slipped through with much less fanfare that can still lead to significant … Continued
Identity Theft Update
The volume and magnitude of identity theft incidents have grown to an alarming extent. Last year, more than 9.9 million Americans were victims of identity theft, a crime that cost them roughly $5 billion. Tax-related identity theft crimes have also … Continued