Tax Court rules on mileage deduction claimed by taxpayer

Business owners can generally deduct their business-related vehicle expenses, but they bear the burden of proving they’re entitled to the deduction. Taxpayers must keep detailed contemporaneous records of each trip (the date, time, miles driven and business purpose), even if the standard mileage rate is claimed. In one U.S. Tax Court case, a married couple […]

Tax treaty signed with Croatia

The United States and Croatia have signed a first of its kind tax treaty, according to the U.S. Treasury Dept. Key provisions include elimination of withholding tax on cross-border dividend payments to pension funds and payments of interest; and reduction of withholding taxes on cross-border payments of dividends (other than those paid to pension funds), […]

Proposed regulations on syndicated conservation easements

In response to recent unfavorable court rulings, the IRS has issued new proposed regulations that define some syndicated conservation easements as “listed transactions,” or abusive tax shelters. The proposed regs are designed to clarify the need for partnerships to report such transactions to the IRS. The regs also aim to keep judicial rulings from interfering […]

Will the extenders pass?

The U.S. Congress is likely to try and “extend” several provisions of the Tax Cuts and Jobs Act (TCJA) due to expire Dec. 31, 2022. Extending certain tax items isn’t usually controversial, but party-line divisions and expiring TCJA provisions may make it tough to strike a deal this year. Democrats favor extending the expanded Child […]

TIGTA comments on selection of IRS NRP audits

Did the IRS target specific taxpayers for 2017 and 2019 in its National Research Program (NRP) audits, which are supposed to be random? Media reports in July 2022 suggested that the selection of tax returns of two former high-ranking FBI officials wasn’t random. The Treasury Inspector General for Tax Administration (TIGTA) has determined there was […]

Missouri Residents Have Until May 3, 2023, to Get a REAL ID

Missouri Residents Have Until May 3, 2023, to Get a REAL ID to Board a Plane Then Without a Passport | Mark Hake – NewsBreak Original https://bit.ly/3F8kQ9S

IRA incentives and the EU

The Inflation Reduction Act (IRA) includes modified tax incentives for the purchase of qualifying electric vehicles (EVs). The European Union (EU) contends that the IRA’s EV tax incentives put European automotive manufacturers at a competitive disadvantage. This concern was discussed at a recent U.S.-EU Trade and Technology Council (TTC) meeting. The EU is at odds […]

NY disaster relief announced

Victims of the New York severe winter storm and snowstorm beginning Nov. 18, 2022, now have until March 15, 2023, to file various individual and business tax returns and make tax payments. Following the disaster declaration issued by FEMA, individuals and households affected by the storm qualify for tax relief if they reside or have […]

Beware of fake Charities

It’s a timely message for the giving season: Beware of fake charities. The Security Summit, a partnership between government agencies and tax professionals, is warning about criminals who set up fraudulent charities to steal “donations” and personal information. The Summit offers several tips for charitable donors, including 1) be suspicious if a so-called charity uses […]

TIGTA 2023 Inspection Plan

One of the roles of the Treasury Inspector General for Tax Administration (TIGTA) is to perform inspections and evaluations to help improve the IRS and TIGTA’s own programs. Recently, the oversight group published its “2023 Inspections and Evaluations Program Plan” to outline fiscal year 2023 priorities. One review (focusing on TIGTA’s expert witness program) is […]