The straight line

Charitable Contributions – Robert Bell, CPA, Auditor

The IRS has clarified how corporate taxpayers should be calculating their charitable contribution deductions and the use of charitable contribution carryovers. Further, the IRS has clarified the ordering rules with respect to the interplay between charitable contributions and prior year net operating losses (NOLs). To prevent doubling up on tax benefits, IRS Code Section 170(d)(2)(B)...

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Tax Facts – Robert Bell, CPA, Auditor

Mileage Rates 2022 The IRS has updated mileage rates for 2022. + Beginning January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: + 58.5¢ per mile driven for business use, up 2.5¢ from the 2021 rate + 18¢ per mile driven for medical,...

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