Tax News

What’s Happening in the world of taxes

In 2022, the IRS went after the poorest tax payers.

Despite over 80 Billion in funding, the agency is living up to it’s reputation of hassling low income tax payers over rich people.

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IRS issues standard mileage rates for 2023; business use increases 3 cents per mile 

WASHINGTON — The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.           
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IRS reminds those over age 72 to start withdrawals from IRAs and retirement plans to avoid penalties

WASHINGTON — The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties.

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