You’ll receive a letter from the IRS when the information on your tax return doesn’t match the data reported to the Internal Revenue Service by employers, banks and other third parties. The letter is called an IRS Notice CP2000. It gives detailed...
Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are: 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019. 17 cents per mile driven for medical or moving...
A key component of the Tax Cuts and Jobs Act of 2017 (TCJA) was the implementation of global intangible low-taxed income foreign tax credits (GILTI) for controlled foreign corporations. GILTI taxes U.S. shareholders currently on income earned through their controlled...
Numerous tax experts agree that addressing your tax liability effectively requires planning throughout the year. Those business owners who reap the most benefits consider their taxes year-round, rather than waiting to focus on tax payments only a few weeks before the...
The SECURE Act was signed by President Trump and went into effect Jan 1, 2020. It changes a number of important retirement plan rules. The act runs over 120 pages, so the experts will be poring over it for some time. Meanwhile, a number of sources have weighed in on...
The IRS is offering some updated rules as guidance for deductible expenses that may have been murky as a result of the Tax Cuts and Jobs Act. The rules being updated involve using optional standard mileage rates when figuring the deductible costs of operating an...
