【《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

Source: IRS News Release

Internal Resource Service

Media Relation Office

Washington, D. C

Media Contact: 202 317 4000

Public Contact: 800 829 1040

www.IRS.GOV/NewsRoom

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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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【《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

www.IRS.GOV/NewsRoom

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【《We Chinese in America》Media Editor Tang Zhao, June 13, 2022】Because Trump continues to embrace election conspiracy theories, his daughter Ivanka and son-in-law Kushner, who have been Trump's right-hand man for many years, choose to cut low-key and gradually leave Trump's side. (Getty Images)

A new book that will soon be released reveals that Trump's eldest daughter, Ivanka Trump, and her husband, Jared Kushner, do not believe the former president's claim that his election victory was stolen. Kushner quietly faded out of the White House during the countdown to leaving office.

New York Times reporter Peter Baker and New Yorker reporter Susan Glasser co-authored a new book, "The Divider: Trump in the White House, 2017-2021." pointed out that in the last days of 2020, Kushner was highly interested in Florida real estate and peace in the Middle East, but during this period Kushner was skeptical of various claims that Trump insisted on winning the election.

Both Kushner and Ivanka were senior White House advisers, wield enormous influence in the Trump White House and are also seen as helping to soothe Trump.

However, during the critical period that Trump's term is ending, just as Trump tried to overturn the election results, Kushner almost disappeared from the White House; on January 6, 2021, the day the pro-Trump rioters stormed the Capitol, Kushner was in Overseas business trip.

On November 5, 2020, less than 24 hours after Trump spoke about the election, Kushner said to Ivanka, "Let's move to Florida," according to the new book The Separatist. A few weeks later, Kushner and his wife bought a $32 million mansion in Miami.

The book quoted people familiar with the matter as saying that whenever there was bad news to be reported to Trump, Kushner often used the "at least two good news and one bad news" model to convey it to Trump in a meeting or by phone, but Regarding Trump's unacceptable defeat, Kushner chose to withdraw from Washington, and no longer sugar-coated bad news to Trump.

According to the book, Kushner believed that the involvement of Trump's personal lawyer Rudy Giuliani in overturning the election results was very suspicious, but Kushner did not fight Giuliani to win Trump's attention but decided to withdraw. Focus on the pursuit of personal wealth.

The new book cites close friends of the Kushner saying that neither Kushner nor Ivanka believed Trump’s election was plagiarized from start to finish.

Kushner completed a 40,000-word draft of his memoir in the two weeks after the 2020 election, and after the 2020 election he took part in a "Masterclass" in writing skills taught by best-selling author James Patterson. Paterson co-wrote novels with former President Bill Clinton.

The House Oversight and Reform Committee is investigating Kushner's career dealings after he left the White House. Affinity Partners, which Kushner opened, received a $2 billion investment from Saudi Arabia.

(Source: World News Network)

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