The Tax Return and Correspondence Backlogs at the IRS
Society of Financial Service Professionals | February 21, 2023The IRS has faced exceptional backlogs of paper tax returns and correspondence awaiting processing since the onset of the COVID-19 pandemic (Figure 1). Paper returns include roughly 8% of individual tax returns, as well as many amended individual tax returns and business returns.Figure 1. Return Backlogs at the End of Recent Tax Filing SeasonsSource: Taxpayer......
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Unemployment Insurance and “Millionaires”: Recent Data and Policy Considerations
Society of Financial Service Professionals | February 21, 2023Under the federal-state Unemployment Insurance (UI) system, unemployed workers—including high-income workers—who meet program requirements are eligible to receive UI benefits. States, which determine many of the eligibility requirements for UI benefits, may not restrict eligibility based on individual or household income. The now-expired enhanced UI benefits created by Congress in response to the COVID-19 pandemic......
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2023 Standard Mileage Rates
Society of Financial Service Professionals | February 21, 2023This notice provides the optional 2023 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the......
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