Separation and Divorce Tax Considerations
Taxpayers who are considering or are already in the process of ending their marriage should consider that there are plenty of financial considerations besides a simple separation of assets. Whether legally separating or divorcing, there are several tax implications to consider.
Criminals Impersonating the PA Department of Revenue
Fraudsters are impersonating the PA Department of Revenue in letters sent to Pennsylvania business owners that direct them to turn over their accounting records. The criminals are attempting to trick taxpayers into providing their sensitive financial information.
IRS Backlog and Delays Continue
The most recent National Taxpayer Advocate Objectives Report to Congress revealed that the IRS had a backlog of 21.3 million unprocessed paper returns as of May 27, 2022. The report notes that the backlog is up by more than one million returns since the previous May’s reported backlog. At the IRS’s current processing rate, it is estimated that the IRS will take nearly two years to deal with the backlog.
IRS 2022 Standard Mileage Rates Increased
The IRS recently released Announcement 2022-13, increasing the standard mileage rate for business travel to 62.5 cents per mile for July-December 2022
Governor Wolf Highlights Budget Priorities
Governor Wolf recently met with groups in Harrisburg to promote his priorities he’d like to see in the final version of Pennsylvania’s next budget currently being worked out in the state legislature.