Rates Used in Computing Special Use Value Issued, Rev. Rul. 2022-16
A listing of the average annual effective interest rates on new loans under the Farm Credit System has been issued […]Read More
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2022 and the lease inclusion amounts for business vehicles first leased in 2022.
The luxury car depreciation caps for a passenger car placed in service in 2022 limit annual depreciation deductions to:
The luxury car depreciation caps for a sport utility vehicle, truck, or van placed in service in 2022 are:
If depreciation exceeds the annual cap, the excess depreciation is deducted beginning in the year after the vehicle’s regular depreciation period ends.
The annual cap for this excess depreciation is:
If a vehicle is first leased in 2022, a taxpayer must add a lease inclusion amount to gross income in each year of the lease if its fair market value at the time of the lease is more than:
The 2022 lease inclusion tables provide the lease inclusion amounts for each year of the lease.
The lease inclusion amount results in a permanent reduction in the taxpayer’s deduction for the lease payments.
The depreciation caps and lease inclusion amounts do not apply to:
The Internal Revenue Service announced that it has unintentionally made certain data collected from Form 990-T available for bulk download […]Read More
The IRS has clarified that qualified opportunity zone businesses should not file Form 8996. Form 8996 is filed only by […]Read More
The IRS has supplemented the list of countries with which the U.S. has an agreement relating to the exchange of […]Read More
The recently announced tuition debt relief program will not add to the tax burden of individuals who are able to […]Read More
The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, […]Read More
The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of […]Read More
The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These […]Read More
The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]Read More