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Bear’s Blog

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IRS increases mileage rate for remainder of 2022

The Internal Revenue Service today 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...

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IRS issues standard mileage rates for 2022

The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58.5 cents per mile...

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What people should and should not do if they get mail from the IRS

Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it’s about a specific issue with a taxpayer’s federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them they need to make a payment. This year, people might have also...

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Tax security tip: Get an IP PIN to help stop identity thieves

The IRS and its Security Summit partners recently kicked off their annual summer campaign. This year's theme, Boost Security Immunity: Fight Against Identity Theft, urges tax pros to step up their efforts to protect client data. An IP PIN is a valuable tool that can help in this effort and it is now available to anyone who can verify their...

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IRS.gov should be a taxpayer’s first stop for their tax transcript

Tax transcripts are used for a variety of things, like applying for a mortgage or a student loan. Taxpayers order a tax transcript on IRS.gov. They can also learn about the different types of transcripts available from the IRS. Order a tax transcript Taxpayers can request a transcript, either online or by mail at Get Transcript on IRS.gov....

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Interest rates remain the same for the third quarter of 2021

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021. The rates will be: 3% for overpayments (two (2) % in the case of a corporation), 0.5% for the portion of a corporate overpayment exceeding $10,000, 3% for underpayments and 5% for large corporate underpayments....

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More than 169 million Economic Impact Payments now issued

The IRS, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they have disbursed more than 2.3 million additional Economic Impact Payments under the American Rescue Plan. The most recent two weeks of the effort brings the total payments disbursed to more than 169 million – representing a total value of...

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Approaching June 15 deadline for second quarter estimated tax payments

The Internal Revenue Service reminds taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without penalty. Estimated tax is the method used to pay tax on income that isn’t subject to withholding. This includes income from self-employment, interest, dividends,...

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Looking ahead: How the American Rescue Plan affects 2021 taxes, part 1

This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual’s 2021 taxes. Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying care considered in calculating the credit, modifies...

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Identity theft protection for taxpayers in six steps

Thieves are actively working to steal the taxpayer information and identities. Everyone should do everything they can to prevent identity theft. Tax-related identity theft occurs when someone uses a taxpayer's stolen personal information, such as a Social Security number, to file a tax return claiming a false refund. The IRS and its partners are...

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Here’s how people can pay their federal taxes

The May 17 deadline for individuals to file and pay their federal income tax is fast approaching. While paying taxes is not optional, people do have options when it comes to how they pay taxes. The IRS offers a variety of ways to pay taxes. Some taxpayers must make quarterly estimated tax payments throughout the year. This includes sole...

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IRS reminds taxpayers to make April 15 estimated tax payment

The Internal Revenue Service today reminded self-employed individuals, retirees, investors, businesses, corporations and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021. The extension to May 17, 2021 for individuals to file their 2020 federal income taxes does not apply to...

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IRS to recalculate taxes on unemployment benefits; refunds to start in May

To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows taxpayers who earned less than...

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