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Business standard mileage rate increases for 2025

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 70 cents per mile driven, up 3 cents from 2024.

Guidance provided for electronic filing exemptions and waivers

In a notice issued Friday, the IRS provided guidance to persons filing certain returns on how to seek religious exemptions, hardship waivers, and other administrative exemptions provided by the IRS, from electronic filing requirements.

Advance child tax credits

The newly expanded child tax credit creates opportunities for advising clients on direct payment opt-outs and avoiding surprises on 2021 tax returns.