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Tax News
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Millionaire Donkey Breeder Can Deduct Losses, Tax Court Says
The Tax Court recently held that a couple of millionaires could deduct the losses incurred in their miniature donkey breeding business because it was entered into for profit. This case can serve as a valuable roadmap to survive an IRS audit for those with a loss-generating activity. Huff and his wife lived on a farm […]
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IRS Increases Mileage Rate to 62.5 Cents Effective 7/1/22
In recognition of recent gasoline price increases, the optional standard mileage rate for the final six months of 2022 has been increased from 58.5 cents to 62.5 cents. 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 six […]
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A RARE TAXPAYER VICTORY IN THE U.S. SUPREME COURT
If a taxpayer files a case with a trial court one day late, is he automatically denied his day in court? As is the case with so many tax issues, it depends. If it is a jurisdictional deadline, then the deadline is immutable, and the court will not acquire jurisdiction to hear the case. If, […]
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IRS Computer Generated Notices – No End in Sight Anytime Soon
The IRS has received requests from 200 members of Congress and numerous practitioners to stop automated notices. However, in a statement on its website on January 27, 2022, the IRS said it “will be very difficult…due to technology limitations.” “With an outdated technological ecosystem, these are changes that cannot be made as efficiently as they […]
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