President Biden Announces Student Loan Relief:

President Biden announced a three-part plan addressing student loan debt. The first part of the plan would allow $20,000 in debt forgiveness if a taxpayer went to college on a Pell Grant, or $10,000 without the assistance. Debt forgiveness applies only to those earning less than $125,000 a year ($250,000 for married couples). The plan […]

IRS interest rates increase for Q4

The Internal Revenue Service announced that the interest rates they charge and pay will go up for the quarter beginning October 1, 2022.  The rates will be: 6% for overpayments (5% in the case of a corporation); 3.5% for the portion of a corporate overpayment exceeding $10,000; 6% for underpayments; and, 8% for large corporate […]

IRS increases what teachers can deduct for classroom expenses for 2022

As the school year begins, the IRS is telling educators that they can deduct up to $300 of out-of-pocket classroom expenses, the first increase in two decades. The special educator expense deduction increase is the first since it was enacted in 2002 with a $250 annual limit, and the IRS said in a release this […]

IRS increases mileage rate for remainder of 2022

On June 9, 2022, the Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the […]

Phishing Is No Longer a Recreational Activity

Several years ago, we warned our clients to beware of emails claiming to be from the IRS, because the IRS does NOT communicate with taxpayers via email.  Emails with the IRS logo do not make them legitimate. The scams are still going on.  If you get an email that appears to be from the IRS […]

Don’t Let Them Reach Out and Touch You

Not content with sending fraudulent emails, scammers continue to call taxpayers, pretending to be from the Collection Division of the IRS and demanding a payment of thousands of dollars or risk having the taxpayer arrested. The IRS does not make telephone calls to initially inform you of any unpaid tax liabilities or to collect any […]