IRS Hikes Standard Business Milage Rate Mid-Year
IRS has increased the standard business travel reimbursement rate to 62.5 cents per mile, up 4 cents from the rate of 58.5 cents that went into effect in January.
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Association Notice: Full Member Dues Deductible
The Association did not participate in activities that would require members to declare a portion of their member dues as non-deductible.
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Retirement Contribution Limits to Change in 2022
Taxpayers in 2022 can put an extra $1,000 into their 401(k) plans.
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IRS Makes Consequential Change to PPP Rules
The IRS is disallowing tax deductions on PPP expenses if a company “reasonably believes” that a loan may be forgiven.
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Members With More Than One Business, Take Note
In cases in which a single employer has aggregated companies, if one company receives a PPP loan, all companies within the group are prohibited from claiming the employee retention credit.
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Employers: Use New W-4 Form
The new W-4 form is required for employees who receive their first check in 2020 and employees who want to change something on their Form W-4.
Read moreMember Dues 100 Percent Deductible
For the Association’s most recently concluded fiscal year, the cost of membership dues are completely deductible.
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IRS 2020 Standard Milage Rate
IR-2019-215, December 31, 2019 WASHINGTON — The Internal Revenue Service has issued the 2020 optional standard mileage rates (PDF) used to calculate
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Prepare for Changes to W-4
New employees must complete the new W-4 form in 2020, as will employees who wish to adjust their withholding.
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