Category: IRS

2020 Allowable Living Expenses National Standards

IRS’s National Standards for Allowable Living Expenses IRS Collection Financial Standards are intended for use in calculating repayment of delinquent taxes. National Standards have been established for five necessary expenses: food, housekeeping supplies, apparel...

IRS Publication 946 – How To Depreciate Property?

IRS Publication 946 What’s New for 2020 Section 179 deduction dollar limits. For tax years beginning in 2020, the maximum section 179 expense deduction is $1,040,000 ($1,075,000 for qualified enterprise zone property). This limit...

Form W-4

Employee’s Withholding Certificate Form W-4 (PDF) FAQs on the Form W-4 Give Form W-4 to your employer.  Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay....

Applicable Federal Rates (AFR) 2018, 2019, 2020

RR-2020-15 — APPLICABLE FEDERAL RATES AUG. 2020 RR-2020-14 — APPLICABLE FEDERAL RATES JULY 2020 RR-2020-12 — APPLICABLE FEDERAL RATES JUNE 2020 RR-2020-09 — APPLICABLE FEDERAL RATES MAY 2020 RR-2020-09 — APPLICABLE FEDERAL RATES APR....

IRS Standard Mileage Rates 2020

Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 cents per mile driven for business use, down one half...

IRS Reminders for Tax Professionals

Update e-Services information E-Services offers a suite of tools to assist tax pros. These tools include the e-file application, the Transcript Delivery System (TDS) and a secure mailbox. New e-Services users must first register...

2016 IRS Standard Mileage Rates

Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5...

2015 Pension Plan Limitations

The Internal Revenue Service today announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the...