【《We Chinese in America》Media Editor Tang Zhao, June 17, 2022】As an ongoing effort to enhance our valuable service to We Chinese in America website readers, We Chinese in America website posts English and Chinese versions of “IRS News Release” ， “IRS Fact Sheets”， and “tax tips” directly received from IRS Media Relations Office in Washington, D.C.. We are pleased to take on this important role partnering with IRS to better inform the public.
Some tax considerations for people who are separating or divorcing
IRS Tax Tip 2022-92, June 15, 2022
When people go through a legal separation or divorce, the change in their relationship status also affects their tax situation. The IRS considers a couple married for filing purposes until they get a final decree of divorce or separate maintenance.
Update withholding
When someone becomes divorced or separated, they usually need to file a new Form W-4 with their employer to claim the proper withholding. If they receive alimony, they may have to make estimated tax payments. The Tax Withholding Estimator tool on IRS.gov can help people figure out if they’re withholding the correct amount.
Understand the tax treatment of alimony and separate maintenance
Amounts paid to a spouse or a former spouse under a divorce decree, a separate maintenance decree, or a written separation agreement may be alimony or separate maintenance payments for federal tax purposes. Certain alimony or separate maintenance payments are deductible by the payer spouse, and the recipient spouse must include it in income.
However, individuals can't deduct alimony or separate maintenance payments made under a divorce or separation agreement executed after 2018 or executed before 2019 but later modified if the modification expressly states the repeal of the deduction for alimony payments applies to the modification. Alimony and separate maintenance payments received under such an agreement are not included in the income the recipient spouse.
Determine who will claim a dependent child if filing separate returns
Generally, the parent with custody of a child can claim that child on their tax return. If parents split custody fifty-fifty and aren’t filing a joint return, they’ll have to decide which parent gets to claim the child. There are tie-breaker rules if the parents can’t agree. Child support payments aren’t deductible by the payer and aren’t taxable to the payee.
Report property transfers, if needed
Usually, there is no recognized gain or loss on the transfer of property between spouses, or between former spouses if the transfer is because of a divorce. People may have to report the transaction on a gift tax return.
Consider filing status
Divorcing couples who are still married as of the end of the year are treated as married for the year and must determine their filing status. The What Is My Filing Status tool on IRS.gov can help people figure out what status makes sense for their situation.
Here the statuses separating or recently divorced people should consider:
- Married filing jointly. On a joint return, married people report their combined income and deduct their combined allowable expenses. For many couples, filing jointly results in a lower tax than filing separately.
- Married filing separately. If spouses file separate tax returns, they each report only their own income, deductions, and credits on their individual return. Each spouse is responsible only for the tax due on their own return. People should consider whether filing separately or jointly is better for them.
- Head of household. Some separated people may be eligible to file as head of household if all of these apply:
- Their spouse didn’t live in their home for the last six months of the year.
- They paid more than half the cost of keeping up their home for the year.
- Their home was the main home of their dependent child for more than half the year.
- Single. Once the final decree of divorce or separate maintenance is issued, a taxpayer will file as single starting for the year it was issued, unless they are eligible to file as head of household or they remarry by the end of the year.
More information:
Publication 504, Divorced or Separated Individuals
Topic No. 452 Alimony and Separate Maintenance
(Source: IRS Tax Tips)
Internal Resource Service
Media Relation Office
Washington, D. C
Media Contact: 202 317 4000
Public Contact: 800 829 1040
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【《We Chinese in America》Media Editor Tang Zhao, June 16, 2022】Per County of San Diego Communications Office, yesterday was the World Elder Abuse Awareness Day, the County of San Diego Aging & Independence Services is asking San Diegans to be on the lookout for signs of elder abuse.(Photo credit: County of San Diego Communications Office)
Elder abuse can take many shapes and forms, including physical abuse, neglect, financial abuse, abandonment, isolation, abduction, or other poor treatment that results in harm, pain, or mental suffering to an adult 60 years of age or older.
Each year, an estimated 1 in 10 older Americans become victims of elder abuse, neglect, or exploitation.
You can help by reporting suspected elder abuse or concerns about self-neglect. Make an anonymous report by calling the County’s Adult Protective Services (APS) at (800) 339-4661.
Local elder abuse report numbers have increased in recent years as the large percentage of Baby Boomers who live in the region reach their retirement years. Almost 23 percent of the County’s population is projected to be over age 65 by the year 2050.
Due to the large number of older residents, APS is receiving more requests for elder abuse investigations than ever before.
Additional Resources
In addition to responding to allegations of abuse and neglect, the County is proactively working to reduce the likelihood of abuse by addressing risk factors, including social isolation, and building community support.
One of the tools used to address risk factors is the Aging Roadmap, the region’s comprehensive plan for services to make the county a better place for residents as they age.
The plan includes alternative transportation options, opportunities for social engagement, training older adults to use technology, and providing additional supports to caregivers, such as respite care, to help manage burnout.
APS also has a specialized program called the Alzheimer’s Response Team, which helps older adults with dementia access support services when they are in crisis so that they are less likely to end up in the emergency department or in law enforcement custody. Originally created as a pilot project in East County, the initiative was recently expanded to serve all areas of the county.
For more information on Adult Protective Services and elder abuse resources, visit the APS website. You can also get general information about programs and services for older adults and caregivers on the Aging & Independence Services website.
(Source: County of San Diego Communications Office)
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【《We Chinese in America》Media Editor Tang Zhao, June15, 2022】As an ongoing effort to enhance our valuable service to We Chinese in America website readers, We Chinese in America website posts English and Chinese versions of “IRS News Release” ， “IRS Fact Sheets”， and “tax tips” directly received from IRS Media Relations Office in Washington, D.C.. We are pleased to take on this important role partnering with IRS to better inform the public.
Here’s what businesses need to know about the enhanced business meal deduction
IRS Tax Tip 2022-91, June 14, 2022
The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction.
For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal.
To qualify for the enhanced deduction:
- · The business owner or an employee of the business must be present when food or beverages are provided.
- · Meals must be from restaurants, which includes businesses that prepare and sell food or beverages to retail customers for immediate on-premises or off-premises consumption.
- · Payment or billing for the food and beverages occurs after December 31, 2020, and before January 1, 2023.
- · The expense cannot be lavish or extravagant.
Grocery stores, convenience stores and other businesses that mostly sell pre-packaged goods not for immediate consumption, do not qualify as restaurants.
Employers may not treat certain employer-operated eating facilities as restaurants, even if they operate under contract by a third party.
Here’s what business owners need to know about certain costs:
- · The cost of the meal can include taxes and tips.
- · The cost of transportation to and from the meal isn’t part of the cost of a business meal.
Entertainment events
Business owners may be able to deduct the costs of meals and beverages provided during an entertainment event if either of these apply:
- · the purchase of the food and beverages occurs separately from the entertainment
- · the cost of the food and beverages is separate from the cost of the entertainment on one or more bills, invoices, or receipts.
Businesses should review the special recordkeeping rules that apply to business meals.
More information:
Publication 463, Travel, Gift, and Car Expenses
(Source: IRS Tax Tips)
Internal Resource Service
Media Relation Office
Washington, D. C
Media Contact: 202 317 4000
Public Contact: 800 829 1040
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【《We Chinese in America》Media Editor Tang Zhao, June 16, 2022】As an ongoing effort to enhance our valuable service to We Chinese in America website readers, We Chinese in America website posts English and Chinese versions of “IRS News Release” ， “IRS Fact Sheets”， and “tax tips” directly received from IRS Media Relations Office in Washington, D.C.. We are pleased to take on this important role partnering with IRS to better inform the public.
IRS increases mileage rate for remainder of 2022
IR-2022-124, June 9, 2022
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022. The IRS provided legal guidance on the new rates in Announcement 2022-13, issued today.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2022. The IRS normally updates the mileage rates once a year in the fall for the next calendar year. For travel from Jan. 1 through June 30, 2022, taxpayers should use the rates set forth in Notice 2022-03.
"The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices,"
said IRS Commissioner Chuck Rettig. "We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.”
While fuel costs are a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.
Midyear increases in the optional mileage rates are rare, the last time the IRS made such an increase was in 2011.
Mileage Rate Changes
|
Purpose |
Rates 1/1 through 6/30/22 |
Rates 7/1 through 12/31/22 |
|
Business |
58.5 |
62.5 |
|
Medical/Moving |
18 |
22 |
|
Charitable |
14 |
14 |
Source: IRS News Release
Internal Resource Service
Media Relation Office
Washington, D. C
Media Contact: 202 317 4000
Public Contact: 800 829 1040
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【《We Chinese in America》Media Editor Tang Zhao, June 14, 2022】 Oprah Winfrey and Eric Garcetti are among the most visible admirers of Martin Muoto, who has earned a reputation for rehabilitating L.A. rental properties in poor areas generally shunned by Wall Street investors, and for housing large numbers of Section 8 tenants. Last fall, when Muoto’s brainchild SoLa Impact opened the 28-unit Avalon apartments to accommodate formerly homeless adults and children, TV crews and assorted VIPs turned up to mark the occasion. (Homeless image. Credit: City Watch Los Angeles)
But the Nigerian-born Muoto also has been criticized by tenants’ advocates for deploying what they say is an investor-backed business model that prioritizes profits over quality of life.
“The day after the Avalon opening, the nonprofit Inner City Law Center alleged in a suit that SoLa exposed tenants in one of its buildings to ‘health and safety threats on a daily basis’ including ‘long-term infestations of rats and cockroaches, severe water damage destabilizing the walls and ceilings, rampant mold’ while the company’s principals ‘have lined their own pockets with ... rental payments by skimping on necessary repairs and regular maintenance,’ ” The L.A. Times’ story reports. “Public records show that many of SoLa’s buildings have been repeatedly cited for code violations, a fact Muoto attributes to their age and the deteriorated condition they were in when he purchased them.”
In addition to detailing the legal and other challenges besetting Muoto, The Times’ story describes the intriguing career trajectory of this graduate of the prestigious Wharton School of Business (Donald Trump’s alma mater), whose bulging portfolio of residential-rehab projects has broadened to include commercial real estate ventures.
On his own behalf, Muoto rebuts much of the criticism leveled against him, asserting that his stewardship is a step up from that of previous landlords, who he says “bled” their tenants “for cash and didn’t put a penny into maintenance.” According to Muoto, SoLa has put nearly $50 million into renovations, despite the considerable challenges of developing these types of projects and COVID-related delays.
“This is not Moses leading people out of Egypt. But if we didn’t buy them, who would, right? If we didn’t invest, who would, right?” Muoto says.
Indeed, to date no individual has emerged capable of shepherding Los Angeles out of its affordability desert, although some of the city’s aspiring leaders insist that they will be the one to deliver our tens of thousands of houseless neighbors to the Promised Land. Muoto’s example underscores that such a task won’t ever be simple.
(Source: L.A. Times Essential California)
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