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News

4 Tax Breaks for Home Improvements

  • 3 January 2023
  • Author: machele
  • Number of views: 119
  • 0 Comments
Are you contemplating some significant improvements to your home? Whether it's adding a pool to assist with a medical condition, finishing a basement or installing energy-saving equipment, you may be in line for generous tax breaks under current law. Here are four potential building blocks.

The AICPA’s tax policy and advocacy work: 2022 highlights

By Eileen Reichenberg Sherr, CPA, CGMA, and Lauren Pfingstag Vahey

  • 20 December 2022
  • Author: machele
  • Number of views: 165
  • 0 Comments
Two teams at the AICPA work closely together and with our organization's members to advocate on tax regulatory and legislative matters that affect the profession: the AICPA Tax Policy & Advocacy team and the AICPA Congressional & Political Affairs team. The year 2022 proved to be eventful for federal tax policy and kept our teams and members busy submitting over 60 comment letters to Congress, Treasury, and the IRS, relating to several major legislative bills containing tax provisions signed into law, continued IRS taxpayer and practitioner service problems, and tax administrative changes.

The Wide-Ranging Inflation Reduction Act Is Signed Into Law

Congress has passed the Inflation Reduction Act (IRA) and President Biden signed it into law on August 16.

  • 6 September 2022
  • Author: machele
  • Number of views: 546
  • 0 Comments

The $740 billion law contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It's intended to reduce the U.S. deficit by about $300 billion. Other revenue would come from stricter enforcement of tax compliance by the IRS.

Here are some highlights of the new legislation.

The House and Senate Pass the Wide-Ranging Inflation Reduction Act

Congress has passed the Inflation Reduction Act (IRA) and President Biden is expected to sign it into law.

  • 16 August 2022
  • Author: machele
  • Number of views: 595
  • 0 Comments

Congress has passed the Inflation Reduction Act (IRA) and President Biden is expected to sign it into law.

The $740 billion bill contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It's intended to reduce the U.S. deficit by about $300 billion. Other revenue would come from stricter enforcement of tax compliance by the IRS.

Here are some highlights of the bill.

Midyear IRS mileage rate increase follows precedent, recent pleas

  • 28 June 2022
  • Author: machele
  • Number of views: 917
  • 0 Comments
While the IRS usually sets the optional standard mileage rates for computing deductible costs of operating an automobile only at the beginning of each calendar year, Thursday's boost represented the third time since 2008 it has done so as of July 1 for the remainder of the year.

 

Effective for miles traveled on or after July 1, 2022, the standard mileage rate for purposes of deductible business expenses is 62.5 cents per mile, an increase of 4 cents from the 58.5 cents per mile applicable to travel between Jan. 1, 2022, and June 30, 2022.

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