Latest From the Blog
The IRS Bought What With $80 Billion?
I’m sure many of you have heard that the IRS has received $80 billion in funding. There’s been a lot of talk about what that means, with some saying that there will be over 80,000 new agents with guns and that there’s going to be a lot of audits. This informative article from The Wall Street Journal lays out what exactly is going to change and provides helpful context. We just hope it means they’ll finally start answering our phone calls without having to hold for 3 hours.
Are You Trying to Make Money Online? Well, the IRS Would Love to Know About It.
Since the first online markets came out, people have been selling everything from sweaters to computers. It turns out Uncle Sam has been missing out on his cut and has asked the IRS to get it to him. A new law passed by congress for the 2022 tax year requires a 1099-K to be sent from these online platforms to the IRS that informs them of anyone earning more than $600, which potentially has tax implications for anyone involved in this space.
How to Keep Your Anxiety, AKA Your Taxes, in Check
This week’s tax tip looks at how to check up on the thing that gives you heartburn, your taxes! This tip comes from the good old IRS which has established online accounts for those who wish to check their tax history, information, and more whenever they want.
Everyone's Favorite Pastime: Trying to Reach the IRS
Just in case you need a reminder on how wonderful it can be to deal with the IRS, this week’s article goes through the experience of WSJ writer Laura Saunders waiting in line at the IRS for 5 and a half hours after being unable to reach them by phone and highlights the staffing and funding issues of the organization. It demonstrates one of the best parts of having an accountant: Someone to contact the IRS for you!
IRS increases mileage rate for remainder of 2022
The Internal Revenue Service just announced that they are increasing the mileage rate for the remainder of the year starting July 1st. Please see the changes in the below table and update your records accordingly.