Treasury Secretary Steven Mnuchin announced Tuesday that individual taxpayers who owe up to one million dollars in federal taxes can defer paying until July 15, while corporations can defer up to $10 million. “All you have to do is file your taxes – you’ll automatically not get charged interest and penalties,” Mnuchin said. “We encourage […]

To our valued clients, At JRBT, the health and safety of our employees, our clients and the communities in which we live and work is of paramount importance. For this reason, we are taking specific precautions and putting measures in place to help ensure both the safety of our people and our visitors and, also, business […]

In a recent statement, the IRS noted that most taxpayers are issued refunds by the IRS in fewer than 21 days. If yours takes a bit longer, here are six things that may be affecting the timing of your refund: Security reviews—The IRS and its partners continue to strengthen security reviews to help protect against […]

The Internal Revenue Service (IRS) doesn’t require nonprofits to have independent audits, but that doesn’t mean your nonprofit never needs an audit. Some federal, state and local government agencies require audits, as do some banks and foundations. Generally, the requirements relate to the nonprofit’s size or spending. When an Audit Is Required An independent audit […]

The SECURE Act changes a number of important retirement plan rules. The act runs over 120 pages, so the experts will be poring over it for some time. Meanwhile, a number of sources have weighed in on what they think are the key provisions. (Note that more detailed analysis may lead to additional changes in […]

IRS Updates Mileage Rates for 2020 Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are: 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019. 17 cents per mile driven for medical or […]

If you’re an entrepreneur and you’ve heard other business owners talking about the qualified business income deduction (also called Section 199A), you’re probably asking yourself, “Should I incorporate to help save on taxes?” and “What entity should I select?” Lots of business folks want to form an LLC because it can save you money on taxes, […]

In theory, parents can get as specific as they want, deciding which children and grandchildren should get the fancy lamp from the living room or the painting of the ship in the dining room. But unless they’re items of great intrinsic value, that usually isn’t done, and even if an estate is left equally to […]

Bonuses are a form of variable pay that are used to inspire employee loyalty or reward performance, and it’s essential to know about the different kinds. Discretionary bonuses A bonus is discretionary if it’s given solely at the employer’s discretion and does not cause an expectation of payment from the employee. The bonus should not […]

As many discovered with the last tax season, it was more beneficial to take the standard deduction and forgo itemized deductions. Then again, you may feel that your expenses exceed standard deduction amounts. Taxpayers will have to take a hard look at their expenses every year to see whether itemization or the standard deduction is […]