According to an IRS statement, starting in 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mile driven for business use, up 1.5 cents from 2023. 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the […]

Many businesses, their accountants and advisers have been wondering what’s happening with the employee retention credit, a refundable tax credit for businesses and tax-exempt organizations that had employees and were affected by the COVID-19 pandemic. In recent weeks, the IRS has been focusing on weeding out companies that applied but were not eligible. Copies of […]

Yes, interest rates in 2023 were much higher than in 2020 through 2022, when interest rates on 30-year, fixed-rate mortgages hovered around the 3% range. It’s important, though to look at rates historically. If you do, you’ll find that today’s interest rates are actually more normal than the lower ones borrowers saw in 2020 through […]

Join CPAs Kelsie Smith and William Cummings as they discuss end-of-year items to consider. This video highlights eleven items to pay attention to when preparing Forms W-2 and W-3 and resources available to you.

New rules, issued in early 2023, change a wide range of filing requirements. The goal, according to the IRS, is to increase e-filing without undue hardship on taxpayers. Perhaps the biggest change is that the IRS has reduced the 250-return threshold enacted in prior regulations to generally require electronic filing by filers of 10 or […]

The Affordable Care Act (ACA) affordability percentage for 2024 has been decreased to 8.39% of the employee’s household income. Applicable large employers (ALEs), employers with 50 or more full-time employees, need to actively review their contribution structures and be aware of any penalties. What does this change mean for ALEs? ALEs must offer affordable health […]

Join Payroll Systems’ Vicki Stalnaker, CPA, CPP as she discusses Employee Retention Credit November 2023 Updates. This video highlights updates the IRS has issued and discusses the withdrawal process for previously filed ERC claims.

Just a few years ago, the Tax Cuts and Jobs Act (TCJA) of 2017 greatly changed existing tax laws that affect homeowners. How your personal tax bill has been affected by the changes in the law depends on your income, where you live, how much you spent (or plan to spend) on a home, and […]

According to the IRS, a moratorium on processing of new ERC claims through year’s end will allow IRS to add more safeguards to prevent future abuse, to protect businesses from predatory tactics. The pandemic-era relief program is a refundable tax credit designed for businesses that continued paying employees during the COVID-19 crisis. In a recent […]

The IRS has released an updated version of Forms W-2 and W-3. These new forms can be filed electronically on the SSA’s Employer W-2 Filing Instructions and Information web page. This service offers fast, free and secure online filing options to CPAs, accountants, enrolled agents and individuals who process these forms. Fill-in versions may also […]