Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
The recently enacted Inflation Reduction Act of 2022 contains several new environment-related tax credits that are of interest to individuals and small businesses. The Act also extends and modifies some preexisting credits. These are some of the changes. Extension,...
A fellow attorney sent me the NY Times article about the recent Tax Law passed by Congress, pretending to be an inflation reduction bill and asked for my opinion: There are several truths that seem to be obfuscated in all of the political rhetoric: 1. The professional...
IRS Boosts Standard Mileage Rates to 62/5 cents starting July 1, 2022. The IRS announced that the standard mileage rates are increasing. Beginning July 1, 2022, the rates are 62.5 cents per mile for business use of an automobile and 22 cents per mile for costs of...
Protect Against Tax-Related Identity Theft Tax Tip 2022-84 (06/01/2022) An Identity Protection Personal Identification Number (IP PIN) gives a taxpayer an added layer of protection against tax-related identity theft. Having a six-digit IP PIN means no one can file a...
Partners may have to report more income on tax returns than they receive in cash Are you a partner in a business? (Note: this includes LLC members if the LLC is treated as a 1065 Partnership for tax purposes!)You may have come across a situation that’s...
IRS Issues Backup Withholding Error Notices This is on the IRS Website Tax Tip 2022-67 The IRS has issued backup withholding error notices to payors required to withhold tax from payments to certain payees. Notices CP2100 and 2100A were mailed to payors that...
The tax mechanics involved in the sale of trade or business property What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s...
Great Article about IRS Backlog! I am posting this great article from Thomson-Reuters. Tax Lawyers and CPA's have been pushing to get the IRS to OPEN THE MAIL, process returns and correspondence. It is not uncommon for the IRS to take up to a year to respond to...
The U.S. Supreme Court rejected a bid by four Democratic-leaning states to lift a cap on federal deductions for state and local taxes put in place as part of a 2017 tax law. This law increased the Standard deduction to $25,000 which allows most married couples to file...
