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IRS Tax Tip 2019-157 In a Tax Tip, the IRS has offered advice on small business record keeping. The advice concerns both how to keep records and for how long to keep records. Background. Because of the period of limitations that applies to income tax returns (i.e., the period of time in which a taxpayer […]
2019 Standard Mileage Rates: Beginning 1/1/19, the standard mileage rates for cars, vans, pickups, and panel trucks will be 58 cents per mile for business miles, 20 cents per mile for medical or moving purposes, and 14 cents per mile for charitable purposes. However, the rates cannot be used to claim an itemized deduction for […]
A number of important tax changes go into effect in 2019. Some were ushered in by legislation such as the Tax Cuts and Jobs Act (TCJA; P.L. 115-97, the 2016 Consolidated Appropriations Act (2016 Appropriations Act, P.L. 114-113), and the Bipartisan Budget Act of 2018 (BBA; P.L. 115-123). Still other changes are the result of […]
The tax reform bill that Congress voted to approve Dec. 20 contains numerous changes that will affect businesses large and small. H.R. 1, known as the Tax Cuts and Jobs Act, would make sweeping modifications to the Internal Revenue Code, including a much lower corporate tax rate, changes to credits and deductions, and a move […]
H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20, contains a large number of provisions that affect individual taxpayers. However, to keep the cost of the bill within Senate budget rules, all of the changes affecting individuals expire after 2025. At that time, if no […]