To reverse 10 years of a steady decline in taxpayer audits, the IRS last summer announced plans to hire 2,500 new auditors by the end of the 2021 fiscal year and even more new hires in 2022. The coming increase in audit activity, coupled with changes to IRS audit practices due to COVID-19, has some taxpayers concerned about being audited and unsure of what to expect if their return is selected. (more…)
Can You Deduct Travel Costs to Monitor Properties? U.S. Tax Court Says Yes, Within Limits
The Internal Revenue Code allows the deduction of “ordinary and necessary” business expenses, including travel expenses while away from home overnight for business. A recent ruling by the U.S. Tax Court is a good reminder that the deduction is subject to some restrictions. (more…)