Instead of using the business portion of the actual expenses of operating a vehicle, IRS permits taxpayers to use a standard mileage rate. The rates for travel on or after January 1, 2021, are:
The Social Security Administration has announced the new amounts for 2021. The gross Social Security benefits are increasing 1.3% for 2021. Some of the other limits change by different percentages. Here is Continue reading →
The required beginning date for taking money from an IRA or defined contribution plan used to be the year the taxpayer reached age 70.5. The distribution for the first year could be delayed to as late as April 1 Continue reading →
May 10, 2020, Forbes reported the arrest of two men having been accused of conspiring to illegally obtain funds through the Paycheck Protection Program (PPP). The PPP offers billions of dollars in potentially forgivable loans to keep workers Continue reading →
Recently the Treasury Secretary, Steve T Mnuchin, stated any Economic Impact Payments (Payment) issued to an individual who died prior to the receipt of the Payment must be returned to the government.
For 100% of employer payroll taxes incurred between the date of enactment and before 1/1/2021, 50% are due by 12/31/2021 and 50% are due by 12/31/22. This provision does NOT apply if the Employer gets a loan forgiveness under Continue reading →
