The IRS recently issued Notice 23-03, which contains the 2023 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Last year, the IRS made a rare midyear mileage rate adjustment in June as a way to combat...

A private letter ruling (PLR) is a written response issued by the IRS to an owner or taxpayer when the owner asks a question about the tax effects of its acts or transactions. The questions posed by site owners usually entail uncertainty about how to handle a situation and the need for guidance on...

Personal retirement accounts can be tricky to navigate when completing income certifications. They can be considered assets or income depending on if the resident has access to the retirement account funds and if distributions are regular and periodic or sporadic. Generally, when the regular...

Q I have a mixed-income site. The last issue of the Insider seemed to indicate that credit may be claimed on vacant units if reasonable attempts are being made to rent the unit and no units are rented to non-qualified households while the unit is vacant (see How to Make Sure Next Available Units...