tax Archive

Standard mileage rates to go up in 2022

TweetShareSharePin0 Shares After decreasing two years in a row, the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year, an increase of 2.5 cents per mile over the 2021 rate. Notice 2022-03, in which

Court Rejects Informal Claim

TweetShareSharePin0 Shares In Fulham v. United States, 1:20-cv-05871 (N.D. Ill. 2021), the district court adopted a very narrow view of informal claims that makes it difficult for taxpayers who do not follow the exact procedures developed by the IRS for filing a claim.  The decision seems at odds with some prior precedent on informal claims

See You Next Year | Tax Policy Center

TweetShareSharePin0 Shares See you next year. President Biden conceded that the Senate won’t approve his social spending, climate, and tax bill this year. In a statement last evening, the president said, “We will advance this work together over the days and weeks ahead; Leader Schumer and I are determined to see the bill successfully on the

Washington State Capital Gains Tax Proposal

TweetShareSharePin0 Shares When is an income tax an excise tax? And for that matter, what exactly is an excise tax? The fate of Washington’s capital gains tax, currently in litigation, rests at least in part on the answer to these questions. By way of background, Washington’s supreme court has repeatedly held that the state’s constitution

IRS issues accounting-method change procedures for small businesses

TweetShareSharePin0 Shares Under guidance in Rev. Proc. 2022-9 issued Thursday, taxpayers may obtain the IRS’s automatic consent to change their tax accounting methods to comply with final regulations relating to simpler tax accounting methods available to smaller businesses. Those final regulations, issued early in 2021 (T.D. 9942), implemented changes made by the law known as

Tenancy by the Entirety and Bankruptcy Exemptions

TweetShareSharePin0 Shares In the case of In re Morgan, No. 21-50455 (M.D.N.C. 2021) the bankruptcy court sustained an objection by the trustee to the exemptions claimed by the debtor.  The basis for the objection was that even though the debtor owned certain property in the form of tenancy by the entireties he could not escape

Comparing Property Tax Systems in Europe, 2021

TweetShareSharePin0 Shares Today’s map shows how European OECD countries rank on property taxes, continuing our series on the component rankings of our 2021 International Tax Competitiveness Index (ITCI). Although an important element when measuring the neutrality and competitiveness of a country’s tax code, property taxes account on average for less than 5 percent of total
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