January 2020
IRS Issues 2020 Standard Mileage Rates
The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020, the IRS announced (Notice 2020-05). For business use of a car, van, pickup truck, or panel truck, the [...]
December 2019
Tax Due Dates for December 2019
December 10 Employees who work for tips - If you received $20 or more in tips during November, report them to your employer. You can use Form 4070. December 16 Corporations - Deposit the [...]
Retirement Contributions Limits Announced for 2020
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2020 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in [...]
Deferred Tax on Gains From Forced Sales of Livestock
Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts [...]
Employer Benefits of Using the EFTPS
Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations - whether they prepare and submit [...]
Take Retirement Plan Distributions by December 31
Taxpayers born before July 1, 1949, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be [...]