2022 Mileage Rates Increasing

2022 Mileage Rates Increasing

Due to rising gasoline prices, the Internal Revenue Service has taken the rare step of increasing its optional standard mileage rates for the last six months of the 2022 tax year. These rates are significant since taxpayers use them to calculate the deductible costs...
IRS Updates FAQs for 2021 CTC and ACTC

IRS Updates FAQs for 2021 CTC and ACTC

The Internal Revenue Service has once again revised the frequently asked questions (FAQs) for the 2021 Child Tax Credit (CTC) and Advance Child Tax Credit (ACTC). These revisions take into account several changes, including the end of filing season for the 2021 tax...
Higher IRS Interest Rates Coming in Q3

Higher IRS Interest Rates Coming in Q3

The Internal Revenue Service is increasing the interest rates it can charge taxpayers for under- or overpayments, starting July 1. This follows the trend of interest rates for consumer loans and other financial transactions. The Internal Revenue Code dictates that...