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IRS Announces 2025 Standard Mileage Rates December 19, 2024
The IRS announced the 2025 standard mileage rates today. The new rates are: $0.70/mile for business use (up from $0.67/mile in 2024); $0.21/mile for medical purposes; $0.21/mile for moving for members of the Armed Forces; and $0.14/mile for charitable mileage. The IRS announcement is here.
Russ
A Miss by Trump: Billy Long as IRS Commissioner December 5, 2024
Yesterday, President-Elect Trump announced that he would nominate former Missouri Congressman Billy Long as IRS Commissioner. This is a nomination that should not happen, and if does occur I hope that the Senate does not “Advise and Consent” to Mr. Long as IRS Commissioner. Before I get into my reasons, there has been commentary from […]
Russ
IRS Now Offers Direct Pay for Businesses October 23, 2024
I criticize the IRS regarding paperwork often. Indeed, the IRS has a major problem dealing with correspondence. Yet many businesses must make numerous payments by check (because that’s the only way to do so) or EFTPS. This morning, I sent a client a link to IRS Direct Pay (to make an estimated payment) and I […]
Russ
Hurricane Milton Relief: Florida Now Has Until May 1, 2025 to File October 11, 2024
With much of the state of Florida declared a federal disaster area, the IRS this morning announced that all residents of Florida have until May 1, 2025 to file their tax returns that are on extension. This impacts not only 2023 tax returns on extension, but the 2024 filing deadline next April. Do note that […]
Russ
Disaster Relief Extension Impacts Millions in Illinois; Expect IRS to Give Relief to North Carolina Shortly October 1, 2024
The IRS announced this morning that tax deadlines have been postponed in several counties in Illinois due to recent severe weather in the Chicagoland area: The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, this includes Cook, Fulton, Henry, St. Clair, Washington, Will and Winnebago counties in […]
Russ
Don’t Touch the Duct Tape! September 19, 2024
Yesterday, I had to call the IRS to obtain an address to mail a return to (it had to go to a special address), and discuss collection activities for another client. Unfortunately, the IRS computer system crashed. (It came back up late in the day.) This morning, I went to run some transcripts and, again, […]
Russ
Creative Math, IRS Style September 4, 2024
One of our clients made a mistake on his payroll tax deposits: He shorted the IRS $4,590. He realized his mistake, and immediately made a correcting payroll tax deposit (albeit late). There’s a penalty for this, and it’s 10% (based on the number of days his payment was late)–which he paid in advance of an […]
Russ
The Case of the Missing $632,825.18 August 22, 2024
The story you’re about to read is true. The names (and dollar amounts) have been changed to protect the innocent. John and Mary Smith, long-time clients, filed an amended return for the 2017 tax year years ago. It took some time, but their claim for an approximate $750,000 refund was approved. Finally, in early 2023 […]
Russ
Why Did the IRS Send Me a $1.87 Refund? August 1, 2024
In mid-June I received mail from the IRS. That’s not unusual; I receive a lot of mail from the IRS (generally, correspondence for clients). But this was different: it was a check for $1.87. Here’s the check: Now, I wasn’t expecting a refund (I owed tax, which I paid with the filing). It’s definitely labeled […]
Russ
Is IRS Correspondence Broken? May 30, 2024
As a tax professional with quite a few clients, our clients receive IRS notices. Much of this correspondence (not all, but a large portion) has to be responded to. My three most recent cases are making me think there are major issues with the IRS handling mail. Client #1 received an Automated Underreporting Unit (AUR) […]
Russ