The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

You might claim a lower deduction for vehicle-related expenses for 2021. This is the second year in a row that the cents-per-mile rate has decreased.
How Biden's American Rescue Plan Might Impact Your Taxes

How Biden's American Rescue Plan Might Impact Your Taxes

President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals to address the COVID-19 pandemic and economic crisis.
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Updated Guidance on the Employee Payroll Tax Deferral

In late January, the IRS updated Notice 2020-65. The update reflects the changed tax deferral rules contained in the Consolidated Appropriations Act (CAA).
What You Need to Know about Taxes on Partners and Partnerships

What You Need to Know about Taxes on Partners and Partnerships

Taxation of partners and partnerships can stump you. In a given year, you may pay taxes on more partnership income than you received from the partnership.
File cash transactions reports for your business on paper or electronically

File cash transactions reports for your business on paper or electronically

Does your business receive large amounts of cash or cash equivalents? You may have to submit forms to the IRS to report these cash transactions.
New year 2021 list. Office desk table with notebooks and pencil with copy space.

IRS Issues Final Regs on ICHRAs. Here’s What You Need to Know

The IRS has issued final regs that clarify the application of employer shared responsibility provisions under the ACA. The regs also address ICHRAs.