News For Your Week Ahead: July 1, 2022

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IRS Webinar: Sale of Partnership Interest – Comprehensive Case Study | Thursday, July 14, 2022 @ 2 PM EST

This webinar will:

  • Review the tax law relating to the sale of partnership interest tax issues
  • Gain insight into the common sale of partnership interest tax issues by reviewing a comprehensive case study
  • Explain the Service’s position with respect to the common sale of partnership interest tax issues
  • Plus, a live Q & A

1 CE credit will be offered for this webinar. Category: Federal Tax

Questions? Email cl.sl.web.conference.team@irs.gov.

Register Now

IRS Increases Mileage Rate For Remainder of 2022 | IR-2022-124

The IRS announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.

For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022. The IRS provided legal guidance on the new rates in Announcement 2022-13.

Taxpayers Now Have More Options to Correct, Amend Returns Electronically | IR-2022-130

The IRS announced that more forms can now be amended electronically. These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico) and Forms 1040-PR, Self-Employment Tax Return – Puerto Rico.

Read more here.

Here’s What Businesses Need to Know About the Enhanced Business Meal Deduction | IRS Tax Tip 2022-91

The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction.

For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal.

Read more here about who qualifies for the enhanced deduction.