FL - Gas and Sulfur production tax rates for 2024-2025 announced
Florida has issued the severance tax rates for the production of gas and sulfur effective July 1, 2024, through June […]
Read MoreThe IRS released the optional standard mileage rates for 2024. Most taxpayers may use these rates to compute deductible costs of operating vehicles for:
Some members of the military may also use these rates to compute their moving expense deductions.
The standard mileage rates for 2024 are:
Taxpayers may use these rates, instead of their actual expenses, to calculate their deductions for business, medical or charitable use of their own vehicles.
For purposes of the fixed and variable rate (FAVR) allowance, the maximum standard automobile cost for vehicles places in service after 2023 is:
Employers can use a FAVR allowance to reimburse employees who use their own vehicles for the employer’s business.
The standard mileage rate for the moving expense deduction is 21 cents per mile. To claim this deduction, the taxpayer must be:
The Tax Cuts and Jobs Act of 2017 suspended the moving expense deduction for all other taxpayers until 2026.
For most taxpayers, the Tax Cuts and Jobs Act suspended the miscellaneous itemized deduction for unreimbursed employee travel expenses. However, certain taxpayers may still claim an above-the-line deduction for these expenses. These taxpayers include:
Notice 2023-3, I.R.B. 2023-3, is superseded.
Florida has issued the severance tax rates for the production of gas and sulfur effective July 1, 2024, through June […]
Read MoreOther than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
Read MoreThe IRS released statistics that showed 1,644 tax and money-laundering cases related to COVID fraud, totaling $9 billion investigated by the Criminal Investigation (CI). CI is the law enforcement […]
Read MoreThe IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction […]
Read MoreKPMG TaxNewsFlash – United States March 20, 2024 The IRS today released Notice 2024-31 [PDF 156 KB] providing the adjustments to the limitation on housing expenses, under […]
Read MoreThe IRS has issued an announcement that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Taxpayers who […]
Read MoreReflecting on the 2024 tax filing season, the IRS released major filing numbers for the season. The agency highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during […]
Read MoreThe IRS has wrapped up the 2024 Dirty Dozen campaign, with a warning to taxpayers to beware of promoters selling bogus tax avoidance strategies. Promoters have been peddling elaborate bogus schemes to […]
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