Highlights from the Inflation Reduction Act

Highlights from the Inflation Reduction Act

The Inflation Reduction Act (IRA), signed into law on August 16, 2022, is intended to reduce the U.S. deficit by about $300 billion. Highlights of the $740 billion law include an increase in the payroll tax credit for research, a 15% minimum tax for large...
IRS Boosts Standard Mileage Rates for Second Half of 2022

IRS Boosts Standard Mileage Rates for Second Half of 2022

The IRS recently announced it will be increasing the standard mileage rate to 62.5 cents a mile for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. Background If you use a vehicle for business...