The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.

The IRS recently released the following announcement regarding important tax reminders for anyone selling a home.

On August 30, 2021, FEMA announced that federal disaster assistance had been made available for those impacted by Hurricane IDA. This designation triggered the availability of tax relief measures by the IRS.

With Joe Biden being projected as the winner of the presidential election you may be wondering if your federal taxes will be affected.

We are excited to announce that we will be using a new electronic delivery platform that will simplify the client delivery process. While we cannot get rid of your tax-filing requirement, we can make the process hassle-free by leveraging SafeSend Returns. SafeSend Returns allows us to automate the delivery, review, and signature of your federal and state income tax returns from the convenience of your computer, smartphone, or tablet. It is user-friendly, highly secure, and an easier way for you to manage your tax return.

The IRS recently issued guidance, with Revenue Ruling 2020-27, on the timing of the non-deductibility of the expenses associated with the PPP loan funds received, and Revenue Procedure 2020-51 offering a safe harbor on how to deduct expenses for any unforgiven amount. The Revenue Ruling generally states that if a borrower has a reasonable expectation of loan forgiveness, expenses can’t be deducted to the extent that they’re paid for with the loan. That’s true regardless of when the loan is forgiven.

Wow, what a year it's been for us all. Where has the time gone? Somehow, we are approaching year-end already. Since it's that time of year, we wanted to provide some possible ideas to help with 2020 tax bills. Below Are some year-end planning moves for individuals.