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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

Tax Brandywine

TweetShareSharePin0 Shares Tax Brandywine | ES Jungle | Indianapolis, IN | August 12, 2011 Posted by Nikki DeBardlebon on 2011-08-13 19:48:23 Tagged: , Tax Brandywine TweetShareSharePin0 Shares

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
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