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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).

Each person with a financial interest in a financial account in a foreign country is required to file with the Secretary of the Treasury a Report of Foreign Bank and Financial Accounts (FBAR) on or before June 30 of each year with respect to foreign financial accounts exceeding $10,000 maintained during the previous calendar year.

The Court of Appeals for the 2nd Circuit has affirmed a District Court ruling that the limitation on the federal income tax deduction for State and Local Tax (SALT) is Constitutional.

The Internal Revenue Service is encouraging taxpay- ers to get extra protection starting in January by joining the agency’s Identity Protection Personal Identification Number (IP PIN) program.

The IRS kicked off the 2022 tax filing season by encour- aging taxpayers to e-file and request a direct deposit for their refunds.