IRS Opens Address Change Portal for Advance CTC Payments – Did You Know? The IRS recently added a new address ...
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IRS Raises Standard Mileage Rate for Second Half of 2022 – Did You Know?
In recognition of the recent rise in gas prices, the IRS has announced an increase to the optional standard mileage rate for the second half of 2022. For January 1 through June 30 of this year, the rate is set at 58.5 cents per mile. The rate will then rise to 62.5 cents per mile for the period from July 1 through December 31.
Note that the standard rate of 14 cents per mile for eligible charitable activities will not change.
Quarterly Estimated Tax Payments & Overseas Filing Deadlines - Reminder
If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 – May 31 quarter of the year is June 15th, 2022.
If you are a U.S Citizen or Green Card Holder living abroad or in active military service and have not filed your taxes yet, the deadline is also on June 15th.
For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.
IRS Issues Answers to FAQ About 2021 Child Tax Credit (3/3)
Q: What happens if two different taxpayers claimed the CTC for the same qualifying child?
A: In some cases, a child meets all the IRS tests to be a qualifying child for multiple taxpayers. Generally, however, only one taxpayer may claim the child for the CTC. As a result, the IRS may reject a return because the taxpayer claimed the CTC for a child already listed on a return filed earlier by someone else. If this situation arises with your return, you will need to submit a paper return instead of filing electronically. You will then receive an IRS notice detailing next steps, so that IRS personnel can determine which taxpayer may actually claim the credit.