IRS Mileage Rate Increases
The IRS announces an increase in the standard mileage rate for business travel for the final six months of 2022. Effective July 1, 2022, the rate will be 62.5 cents. Find more information on the IRS website to learn more about IRS mileage rate increases. Here is a summary of the mileage rate changes:
Purpose | Rates 1/1/22 through 6/30/22 | Rates 7/1/22 through 12/31/22 |
Business | 58.5 cents | 62.5 cents |
Medical/Moving | 18 cents | 22 cents |
Charitable | 14 cents | 14 cents |
IRS Expands Voice Bot Options for Payment Plan Identity Verification
To help shorten wait times on the phone, the IRS now added an ability for individual taxpayers to verify their identity so they can set up or modify a payment plan. Eligible individual taxpayers who call the Automated Collection System (ACS) and Accounts Management toll-free lines to discuss a payment plan can authenticate or verify their identities through a Personal Identification Number (PIN) creation process. You will need your recent IRS tax bill and basic personal information to create your PIN. Go to the IRS website to learn more about IRS voice bot options’ current and future expansions.
Amend Your IRS Tax Return Online
The IRS recently announced its new ability to accept amended returns via an electronic filing to accommodate taxpayer services further. In the past, the IRS has only allowed taxpayers to mail Form 1040-X to amend tax returns. They added a new checkbox indicating an electronically filed superseding return on Forms 1040/1040-SR, 1040-NR, and 1040-SS/1040-PR.
IRS Backlog of Tax Returns Processing
As of June 21, 2022, the IRS was on track to complete processing originally filed, error-free income tax returns received in 2021. The next plan is to work on processing business paper returns filed in 2021. They also plan to continue working on the 2021 individual income tax returns that may have processing issues. The IRS has already processed over 4.5 million of the 4.7 million paper-filed individual income tax returns received in 2021. The IRS has processed more than 143 million returns and over $298 billion in refunds.
