Cents-per-mile rate for business miles decreases slightly for 2020
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019.
New rules will soon require employers to annually disclose retirement income to employees
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals.
New law helps businesses make their employees’ retirement secure
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules.
New law provides a variety of tax breaks to businesses and employers
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019.
Finalized IRS Hardship Distribution Regulations
In September 2019, the IRS published long-awaited final hardship distribution regulations for almost a year following their initial proposal.
Reminder: Pennsylvania 1099-Misc Withholding Tax Requirements
In 2017, Act 43 created a tax withholding obligation for certain payors of Pennsylvania‐source income and lessees of Pennsylvania real estate to out of state residents.
New Overtime Rules Effective January 1, 2020
The DOL recently finalized its new rules effective January 1, 2020, to determine whether an employee qualifies as exempt from overtime under the Fair Labor Standards Act (FLSA). What has changed?
IRS Releases 2020 Form W-4 Employee’s Withholding Allowance Certificate
The IRS has released the 2020 Form W-4 Employee’s Withholding Allowance Certificate. The 2020 Form is to comply with the income tax withholding requirement of the Tax Cuts and Jobs Act (TCJA).
Wayfair revisited — It’s time to review your sales tax obligations
In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers.