The Internal Revenue Service on June 9, 2022 advised taxpayers who missed the April tax deadline that they can usually avoid a larger penalty by filing their 2021 federal income tax return and paying any tax due by Tuesday, June 14.
To avoid the larger penalty, the IRS must receive the return by June 14. This means that a return mailed on that date will not qualify. For that reason, the IRS urges everyone to file electronically by June 14.
The Internal Revenue Service on June 9, 2022 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 business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022. The IRS provided legal guidance on the new rates in Announcement 2022-13, issued today.
Running a trucking company is no easy task. There are so many things to keep track of, from managing your drivers’ schedules to ensuring that your trucks are always on the road. One of the most important aspects of running a successful trucking business is making sure that you retain your employees. One way to do this is by monitoring their driving records.
In this article, we will talk about the importance of keeping track of your drivers’ records and how doing so can help improve safety and reduce costs. As we all know, safety is the number one priority when it comes to trucking. So it’s imperative that you do everything in your power to ensure that your drivers are safe on the road.
The word turnover in the trucking industry does NOT mean a flakey pastry filled with fruit. Unfortunately, it describes a reality pertaining to the revolving door for our professional drivers. Current estimates place the turnover rate at large carriers at 89 percent. That means a trucking company with five thousand drivers needs to HIRE almost 4,500 drivers EVERY YEAR to maintain their current fleet.
The American Trucking Associations explains turnover as a number that, “accurately measures drivers moving within carriers.” They stress that these drivers aren’t leaving the industry, but just finding a different company.
The Internal Revenue Service today reminded taxpayers living and working outside the United States that they must file their 2021 federal income tax return by Wednesday, June 15. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship.
Just as most taxpayers in the U.S. must timely file their returns with the IRS, those living and working in another country are also required to file. An automatic two-month deadline extension—until June 15—is normally granted for those overseas. Anyone who qualifies gets the extra time—they don’t need to ask for it.
The Internal Revenue Service in the latest release IR-2022-114 on June 1, 2022 about job offers to thousands of workers this summer. To boost its workforce and better help taxpayers and businesses, the Internal Revenue Service announced today that it’s looking to hire over 4,000 contact representative positions at several IRS offices nationwide this summer.
A contact representative provides administrative and technical assistance to individuals and businesses primarily over the phone, through written correspondence or in person. These full-time positions fall under a special hiring condition called direct-hire authority. Full-time, bilingual (Spanish) positions are also available. No prior tax experience is required.
The Internal Revenue Service through the release number, IR-2022-113 on June 1, 2022 to warn taxpayers of Dirty Dozen tax scams for 2022, which includes potentially abusive arrangements that taxpayers should avoid. The potentially abusive arrangements in this series focus on four transactions that are wrongfully promoted and will likely attract additional agency compliance efforts in the future. Those four abusive transactions involve charitable remainder annuity trusts, Maltese individual retirement arrangements, foreign captive insurance, and monetized installment sales.
Identity Protection PINs stop identity thieves from filing fraudulent tax returns. When a taxpayer chooses to participate in this program, the IRS assigns them a six-digit number which the taxpayer uses to prove their identity when they file their tax return. This extra layer of protection provides peace of mind, especially for people who have already been a victim of identity theft.
How to get an IP PIN
The Get An IP PIN tool lets people with an SSN or ITIN request an IP PIN online after they verify their identity. Taxpayers should review the Secure Access requirements before they try to use the Get An IP PIN tool.