RW Phipps Accounting News
Key points to keep in mind when filing 2022 tax returns
To help taxpayers navigate the beginning of the tax filing season, the Internal Revenue Service today offered a checklist of reminders for people as they prepare to file their 2022 tax returns. From gathering paperwork to filing a tax return, these easy steps will...
IRS introduces new service industry tip reporting program
The Treasury Department and Internal Revenue Service today issued Notice 2023-13, which contains a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program, a voluntary tip reporting program between the IRS and...
IRS: Maximum educator expense deduction rises to $300 in 2022
As the new school year begins, the Internal Revenue Service is reminding teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year. This is the first...
Business related travel deductions Info
Here are some details about these valuable deductions that all business travelers should know. Business travel deductions are available when employees must travel away from their tax home or main place of work for business reasons. The travel period must be...
Cryptocurrency: Investment or speculation?
With cryptocurrencies so much in the news, you might be wondering if you should invest in them. But “invest” may not be the right word – because, in many ways, cryptocurrencies, or “crypto” for short, are more speculation than investment. But what’s really the...