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.

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.

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