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: 320
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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: 376
  • 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: 619
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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.

Georgia Department of Revenue to Begin Issuing Special, One-Time Tax Refunds

  • 17 May 2022
  • Author: machele
  • Number of views: 751
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The Department of Revenue announced today that it will begin issuing special, one-time tax refunds this week. This initiative is a result of House Bill 1302, which the Georgia General Assembly recently passed, and Governor Kemp signed into law. This legislation allows for an additional refund of income taxes from 2020, due to the state experiencing a revenue surplus.

SALT cap challenge is denied Supreme Court review

  • 3 May 2022
  • Author: machele
  • Number of views: 684
  • 0 Comments
The U.S. Supreme Court declined Monday to review an appellate case that upheld the $10,000 limit on the amount of state and local taxes (SALT) that can be claimed as a deduction on individual federal income tax returns.

 

New York, joined by Connecticut, Maryland, and New Jersey, had sued the United States, Treasury, and the IRS, and their respective secretary and commissioner, soon after the enactment of the limitation by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97.

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