NEWS
The standard business mileage rate goes up slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business went up by 1.5 cents per mile in 2024. The IRS announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67...
Businesses: Do you have to comply with the new corporate transparency reporting rules?
Your business may have to meet new reporting requirements that took effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals...
Strategies to cut your company’s 2023 tax bill
On the tax front, 2023 (as of now) has not seen any major legislation. This means fewer tax changes in 2023 than in years past. As always, there is a potential for that to change before the end of the year. As another year ends with interest rates and markets in flux,...
Take action now to reduce your 2023 income tax bill
A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good...
The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax planning?
The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating slightly this year over last, many amounts will increase over 2023 amounts but not as much as in the previous year. As you implement 2023 year-end...
IRS suspends processing of ERC claims
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of honest...
Virtual currency lands in the IRS’s crosshairs
While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal...
What’s in the Fiscal Responsibility Act?
President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends — as opposed to raising — the debt ceiling until 2025, after the next...
Tax-wise ways to save for college
If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you. Savings bonds Series EE U.S. savings...
President Biden’s proposed budget includes notable tax provisions
President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and...