IRS Issues Standard Mileage Rates for 2023

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business use increases 3 cents per mile On December 29 of last year, the Internal Revenue Service (IRS) issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of […]

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IRS increases mileage rate for remainder of 2022

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The Internal Revenue Service announced yesterday an increase in the optional standard mileage rate for the final six 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 six months of 2022, the standard mileage rate […]

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SBA Offers Loan Forgiveness, IRS Expands Paid Leave Tax Credit for Vaccinations

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The U.S. Small Business Administration (SBA) has announced the opening of the Paycheck Protection Program Direct Forgiveness Portal to ease the COVID-19 burden for small businesses. The announcement reflects the reality that while the federal funds made available to millions of small business owners enabled many to stay in business during the COVID-19 public health […]

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Employers Entitled to Tax Credits for Providing Paid Leave to Employees for Time Off for COVID Vax

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The Internal Revenue Service advises that the American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover […]

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Writing off Expenses Paid for with PPP Money & a New DoL Decision

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By Littler Mendelson The Consolidated Appropriations Act of 2021 contains an important aspect of that legislation that many of you have been clamoring for: companies now may write off expenses paid for with PPP money.  This change was buried in section 276(a) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (which is […]

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IRS FAQs on Taxation of Provider Relief and Coronavirus Relief Funds

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The Internal Revenue Service has issued a brief Frequently Asked Questions memo on the taxation of payments from provider relief and coronavirus relief funds, which generally don’t give the response that many had hoped for. These FAQs may raise a number of issues for providers and others who receive money under these programs. According to […]

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New IRS Guidance Eliminates all Tax Benefits of PPP Loan Forgiveness

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A special report from Ted Cuppett of The Health Group The IRS has released guidance (Notice 2020-32) to explain that a taxpayer that receives a loan through the Paycheck Protection Program (PPP) is not permitted to deduct expenses that are normally deductible under the Code, to the extent the expenses were reimbursed by a PPP […]

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Internal Revenue Service Stepping Up Enforcement of Affordable Care Act

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By Guest Writer Gregg Kasubuchi, Vice President at First Capitol Mr. Kasabuchi will speak further on this topic at the Home Care and Hospice Conference & Expo in Seattle this October! Expect the Internal Revenue Service to become more assertive in efforts to enforce the Affordable Care Act in the summer of 2019. IRS staff […]

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The IRS Is Issuing New ACA Penalties and Home Health Faces a Special Danger

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— Guest article written Gary Davis | VP Marketing & Communications at First Capitol Consulting The Internal Revenue Service (IRS) is now issuing a new set of financial penalties as part of the agency’s ongoing enforcement of the Affordable Care Act and home health operators are particularly vulnerable to these penalties. In fact, some home health […]

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