The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents per…
The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. The tax law change was included…
The Internal Revenue Service issued proposed regulations today for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers. Certain small businesses whose gross receipts are $25 million or less and certain trades or businesses are not subject to the limits under this provision. For tax years beginning…
Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction may also be claimed on certain dividends. Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they…
The IRS encourages everyone to use the Withholding Calculator to do a Paycheck Checkup, which is even more important this year because of tax law changes. Taxpayers who haven’t yet done this can follow the steps below for using the calculator. Results from the calculator will include a recommendation of whether they should consider submitting a new…
The Internal Revenue Service today reminded the nation’s more than 768,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2019. All current PTINs will expire Dec. 31, 2018. Anyone who prepares or helps prepare any federal tax return, or claim for refund, for compensation must have a valid…
The Treasury Department and the Internal Revenue Service today issued proposed regulations and other published guidance for the new Opportunity Zone tax incentive. Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to spur investment in distressed communities throughout the country through tax benefits. Under a nomination process completed in June,…
Donald Trump on Monday (AEDT) recast himself as a more moderate US president in waiting, expressing flexibility on his core campaign pledges to build a wall on the Mexico border, deport illegal immigrants, prosecute Hillary Clinton and axe President Obama’s healthcare law. “I’m a very sober person,” the president-elect said. In his first television interview…
WASHINGTON: Asserting that H-1B visa creates more jobs, a Silicon Valley-based CEO has urged US President- elect Donald Trump to reform the system and increase the quota of this speciality work visa, which would help in achieving his agenda of spurring growth in the country. “So here’s a first step: reform the H-1B visa program…
WASHINGTON — The stunning election of Donald J. Trump as president and the re-election of a Republican-controlled House and Senate will usher in sweeping change to the nation’s policy course that will most likely amount to a repudiation of much of President Obama’s legacy and will reorient the United States’ position on the world stage.…
