Democrats in the U.S. House of Representatives have asked IRS Commissioner Charles Rettig to increase the 2022 standard mileage rate used to deduct the cost of operating a vehicle for business purposes. The legislators cited the rise in gasoline prices in the months since the IRS issued the latest rates as a reason to increase

The IRS is providing disaster tax relief to victims of the New Mexico wildfires and straight-line winds that began April 5. The tax agency announced that the relief applies to taxpayers who live or have a business in Colfax, Lincoln, Mora, San Miguel and Valencia counties. Affected taxpayers will now have until August 31, 2022,

It’s wedding season — a happy time that includes gifts, cake and endless details. Chances are, taxes are the last thing on your mind. But the IRS wants to remind you of a few important steps. Soon, you’ll be filing your first tax return as a married person and that could affect how much taxes

U.S. House Democrats held a hearing questioning the fairness of IRS audit rates. A recent GAO report found IRS audits of high-income Americans have dropped while audits of those claiming the Earned Income Tax Credit (EITC) remain high. The audit rate for EITC taxpayers is 0.77%, compared with 0.25% for all taxpayers. A taxpayer with

In a recent audit, the Treasury Inspector General for Tax Administration announced the destruction of 30 million information returns filed with the IRS. The IRS now admits destroying the returns due to system constraints. The agency was required to process the backlog of documents by the end of the calendar year in which they were

In positive economic news, the Congressional Budget Office (CBO) is reporting a big boost in federal revenues thus far in fiscal year 2022. The federal budget deficit for the first seven months of fiscal year 2022 was an estimated $360 billion, or about one-fifth of the $1.9 trillion deficit recorded last year. Revenues surged by

PRESIDENT BIDEN SIGNS EXECUTIVE ORDER ON DIGITAL ASSETS Executive Order on Ensuring Responsible Development of Digital Assets (3/9/2022) President Joe Biden on March 9, 2022, signed a sweeping executive order setting out his administration’s digital asset strategy, which includes exploring greater regulatory oversight of cryptocurrency markets and prioritizing the assessment of a Central Bank Digital

The IRS announced that it began accepting and processing 2021 individual tax returns on Jan. 24, 2022. Tax returns are due on April 18, 2022, unless an individual requests an extension through Oct. 17, 2022. The tax agency also stated that it has updated its programming to accommodate recipients of advance Child Tax Credit payments

A memorandum regarding the COVID-19 vaccine mandate has been issued by the Texas Workforce Commission (TWC). The memorandum clarifies the interaction of Executive Order GA-40 and the recent federal OSHA COVID-19 vaccine mandate. EO GA-40 provides that an employer may not mandate the vaccine when an employee qualifies for an exemption for religious, personal or