EV credits

The electric vehicle (EV) tax credit begins to phase out when 200,000 of a manufacturer’s qualifying vehicles have been sold. But automakers are telling Congress, not so fast! In a letter, GM, Ford, Chrysler and Toyota asked Congressional leaders to give all electric car and light truck buyers a tax credit of up to $7,500. […]

Standard business mileage rate will increase for the second half of 2022

The IRS recently announced that it’ll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the nationwide average price of regular unleaded gas was $5.01 a gallon, according to the AAA Gas Prices […]

Guidance coming on tax aspects of cryptocurrencies

Congress is getting serious about addressing the confusion surrounding the tax treatment of digital assets such as cryptocurrencies. A bipartisan bill dubbed the Responsible Financial Innovation Act was recently introduced in the U.S. Senate. The bill would establish a regulatory framework for digital assets. The first-of-its-kind proposed legislation would attempt to validate the mainstream use […]

A walk thru of the new IRS voice bot

A short video explaining how the new automated system works. IRS Authenticated Collection Voice Bot https://bit.ly/3O32vyz

Are you a tax whiz? Take the quiz

Invasion of the bots?

IRS rolls out artificial intelligence to help callers make payments, resolve simple tasks – ABC News https://abcn.ws/3tJvWNM

Real ID deadline approaching

The deadline for the Real ID is under a year away: Here’s how to upgrade while dodging the DMV – Grow from Acorns + CNBC https://bit.ly/3O4jqkf

Don’t fall for this scam

The IRS is cautioning taxpayers with pending tax bills to contact them directly and not use unscrupulous tax companies that falsely claim that they can resolve unpaid taxes for pennies on the dollar. Offer in compromise (OIC) “mills” make outlandish claims about how they can settle a person’s tax debt. The reality usually is that […]

LinkedIn fraud alert

FBI says fraud on LinkedIn a ‘significant threat’ to platform and consumers – CNBC https://cnb.cx/3O0afB3

Deadline approaching

An important deadline is rolling up fast for foreign entities that are subject to the Foreign Account Tax Compliance Act (FATCA). Foreign financial institutions and some nonfinancial foreign entities (collectively known as FFIs) have until July 1, 2022, to report assets that were held by U.S. owners as of Dec. 31, 2021. Generally, FATCA requires […]