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There were no negative taxpayer consequences as a result of this action. Taxpayers or payers have not been and will not be subject to penalties resulting from this action.

The IRS recently announced inflation adjusted amounts for health savings accounts (HSAs) for 2023.

As the new year begins, the Internal Revenue Service reminds taxpayers to protect their personal and financial information throughout the year and watch out for IRS impersonation scams, along with other schemes, that try to trick people out of their hard-earned money.

The IRS has revised the 2022 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.

This case illustrates that a mileage log book with dates, locations, and miles driven is not enough to meet the strict substantiation requirements for claiming a business mileage deduction.

As part of a longer-term effort to improve taxpayer service, the IRS has officially established the first-ever Taxpayer Experience Office and will soon begin taking additional steps to expand the effort.

A recent tax court case illustrates the importance of filing a return and electing to claim itemized deductions on that return.

Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, for charitable donations, or for gifts.

When the actual expense method is used for deducting
the business use of a vehicle, the cost of the vehicle is
depreciated under MACRS using a 5-year recovery period.

One requirement that must be met for an IRA is that it be administered by a trustee that acts as a fiduciary. An IRA meets this requirement if it is a custodial account that satisfies the requirements of IRC section 408(a).