The IRS has announced that the optional standard mileage rate for business use of an automobile will increase by 1.5 cents starting January 1, 2024, to 67 cents per mile. The depreciation element increases to 30 cents. The rates apply to electric, hybrid, and gasoline-powered vehicles. 

The mileage rate for medical/moving purposes decreases to 21 cents per mile (from 22 cents per mile in 2023).

The mileage rate for service to charitable organizations remains at 14 cents per mile. The charitable mileage rate is a statutory rate and not indexed.

The retirement planning changes in a nutshell:

If you have had your Social Security Number stolen for filing a fake tax return, then you know that the IRS issued you an IP Pin number.

Beginning Jan. 1, 2024, the electronic filing threshold for information returns (like 1099-NEC, 1099-Misc or 1099-S forms) will reduce from 250 to 10 for filing season 2024. Until now, only those who filed more than 250 information returns were required to file electronically and the 250-return threshold was applied separately to each type of information return. Now, filers need to combine all information return types they file to determine if they meet the 10-return threshold and the requirement to file electronically applies to them.

As business owners, we all need to do an end-of-year planning session so we can hit the ground running for the next fiscal year.  As part of that review we should be any changes you need to accomplish to give yourself a better understanding of how much money you are actually making - and - if the accounting system you are currently using is producing the data you need to determine that.

The Internal Revenue Service (IRS) has initiated a crackdown on the dubious Employee Retention Credit (ERC) claims, mailing over 20,000 disallowance letters to taxpayers and entities that did not exist or had no employees during the eligibility period.

The person we know as Saint Nicholas (Saint Nick) was born around ad270 to a wealthy Grecian family. Tragically, his parents died when he was a boy, and he lived with his uncle who loved him and taught him to follow God. When Nicholas was a young man, legend says that he heard of three sisters who didn’t have a dowry for marriage and would soon be destitute. Wanting to follow Jesus’ teaching about giving to those in need, he took his inheritance and gave each sister a bag of gold coins. Over the years, Nicholas gave the rest of his money away feeding the poor and caring for others.

The Supreme Court on Dec. 5 will take up an important case about "unrealized" income that considers the constitutional limitations on federal taxing power.

The case is important because the court could use it to strike down the Mandatory Repatriation Tax (MRT), also known as the Section 965 transition tax, which was part of the Tax Cuts and Jobs Act approved by the Republican-controlled Congress in 2017 and signed into law by then-President Donald Trump.

The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

Some libertarians dismiss concerns over social media companies’ suppression of news and opinions that contradict select agendas by pointing out that these platforms are private companies, not part of the government. There are two problems with this argument. First, there is nothing unlibertarian about criticizing private businesses or using peaceful and voluntary means, such as boycotts, to persuade businesses to change their practices.

The Treasury Department and IRS have issued proposed regulations regarding the sale of a taxpayer’s property that the IRS seizes by levy.  They actually make a lot of sense.