The Internal Revenue Service today issued guidance for business travelers, updated to include changes resulting from the Tax Cuts and Jobs Act (TCJA). Revenue Procedure 2019-48, posted today on IRS.gov, updates the rules for using per diem rates to substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from [...]
The Internal Revenue Service today issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. Treasury Decision 9884, available today in the Federal Register, [...]
A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat. They may think of doing their taxes as just another item to quickly cross off their to-do list. However, [...]
Here are a few other things people can do now: Check their withholding and make any adjustments soon Since most employees typically only have a few pay dates left this year, checking their withholding soon is especially important. It’s even more important for those who: • Received a smaller refund than expected after filing their [...]
With health care open season now under way at many workplaces, the Internal Revenue Service today reminded workers they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans. Eligible employees of companies that offer a health flexible spending arrangement (FSA) need to act before their medical plan [...]
The Internal Revenue Service today issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act (TCJA). Revenue Procedure 2019-46, posted today on IRS.gov, updates the rules for using the optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical [...]
Most people don’t usually start thinking about their taxes until January. However, it’s not too early to start now. In fact, taxpayers can get ready for the upcoming tax filing season by doing a few simple things. First things first…they can visit the newly updated Get Ready page on IRS.gov. It highlights the steps taxpayers [...]
When it comes to taxes, members of the military often have unique circumstances. IRS.gov has info on several topics that affect current and former military personnel, as well as their families. Here are resources where people can go to find more information. • Tax Information for Members of the Military is the main page on [...]
Recordkeeping is an important part of running a small business. In fact, keeping good records helps business owners make sure their business stays successful. Here are some things small business owners should remember about recordkeeping: • Good records will help business owners: *Monitor the progress of their business *Prepare financial statements *Identify income sources *Keep [...]
The Internal Revenue Service announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The tax law change covered in the revenue procedure was added by the Taxpayer First Act of 2019, which increased the failure to file penalty to $330 for [...]