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News

IRS sets start date for tax season, will issue refunds during government shutdown

  • 8 January 2019
  • Author: machele
  • Number of views: 4273
  • 0 Comments
The IRS announced on Monday evening that it is prepared to start processing 2018 tax returns on Jan. 28 and that it will pay tax refunds despite the partial shutdown of the federal government. The agency has been operating under a contingency plan that has furloughed 88% of the IRS’s workforce. It says it will recall “a significant portion” of its furloughed staff for tax season. The agency also says it will issue an updated contingency plan in the next few days.
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2019 standard mileage rates announced

The optional standard mileage rates for business use of a vehicle will increase significantly in 2019, after increasing slightly last year, the IRS announced Friday (Notice 2019-2). For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile up from 54.5 cents per mile in 2018. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
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Voices - The tax challenges of health insurance for small business

  • 7 December 2018
  • Author: machele
  • Number of views: 4440
  • 0 Comments
You’ve probably been asked by your clients before: “Can I deduct my health insurance?” or, “How can I reimburse my employees for health insurance premiums without triggering tax consequences?”

For small-business owners and sole proprietors, the most powerful and relevant options are Health Reimbursement Arrangements. There are two HRAs in particular that will be of most interest to your clients.
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Inflation adjustments and tax tables issued for 2019

  • 16 November 2018
  • Author: machele
  • Number of views: 3989
  • 0 Comments
The IRS on Thursday issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts (Rev. Proc. 2018-57). These adjusted amounts will be used to prepare tax year 2019 returns in 2020.
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Inflation adjustments issued for qualified retirement plans

  • 2 November 2018
  • Author: machele
  • Number of views: 4107
  • 0 Comments
The IRS said that the limit on elective deferral contributions to 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan will increase from $18,500 in 2018 to $19,000 in 2019. However, the catch-up contribution limit for those 50 and older remains $6,000 (Notice 2018-83). Most other inflation-adjusted amounts related to pensions increased from 2018 to 2019.
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