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News

Midyear IRS mileage rate increase follows precedent, recent pleas

  • 28 June 2022
  • Author: machele
  • Number of views: 157
  • 0 Comments
While the IRS usually sets the optional standard mileage rates for computing deductible costs of operating an automobile only at the beginning of each calendar year, Thursday's boost represented the third time since 2008 it has done so as of July 1 for the remainder of the year.

 

Effective for miles traveled on or after July 1, 2022, the standard mileage rate for purposes of deductible business expenses is 62.5 cents per mile, an increase of 4 cents from the 58.5 cents per mile applicable to travel between Jan. 1, 2022, and June 30, 2022.

Georgia Department of Revenue to Begin Issuing Special, One-Time Tax Refunds

  • 17 May 2022
  • Author: machele
  • Number of views: 317
  • 0 Comments
The Department of Revenue announced today that it will begin issuing special, one-time tax refunds this week. This initiative is a result of House Bill 1302, which the Georgia General Assembly recently passed, and Governor Kemp signed into law. This legislation allows for an additional refund of income taxes from 2020, due to the state experiencing a revenue surplus.

SALT cap challenge is denied Supreme Court review

  • 3 May 2022
  • Author: machele
  • Number of views: 344
  • 0 Comments
The U.S. Supreme Court declined Monday to review an appellate case that upheld the $10,000 limit on the amount of state and local taxes (SALT) that can be claimed as a deduction on individual federal income tax returns.

 

New York, joined by Connecticut, Maryland, and New Jersey, had sued the United States, Treasury, and the IRS, and their respective secretary and commissioner, soon after the enactment of the limitation by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97.

The pros and cons of delaying Social Security

  • 5 April 2022
  • Author: machele
  • Number of views: 454
  • 0 Comments
The decision of when to claim Social Security is a top concern for pre-retirees and for good reason: Claiming too early and locking in a lower payment can prove to be a mistake for people who experience longevity, while delaying in order to secure a higher payment, then meeting an early demise, can leave money on the table.

Commissioner to Congress: IRS will clear backlog by year’s end

  • 21 March 2022
  • Author: machele
  • Number of views: 504
  • 0 Comments

IRS Commissioner Charles Rettig told House members in a hearing Thursday that the Service will process its backlog of unprocessed work — some of it dating back to 2020 — by the end of 2022.

Rettig appeared before the House Ways and Means Committee's Subcommittee on Oversight to report on the current filing season. Members' statements and questions broached a range of topics broader than that, including ongoing enforcement and administrative policy on specific tax issues and some tax law considerations more precisely within Congress's own purview.

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