by wabc | Mar 13, 2020 | Taxes |
The Internal Revenue Service recently issued the 2020 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company...
by wabc | Mar 6, 2020 | Taxes |
Roughly 15 million individual taxpayers filed for an automatic six-month extension for the 2018 tax year, according to the IRS, compared with about 10 million people in previous years. Why did the number of extensions surge last year? Most changes under the Tax...
by wabc | Feb 22, 2020 | Taxes |
IRS Revenue Ruling 59-60 is an essential building block of modern appraisal practice. It identifies “the condition and outlook of the specific industry” as one of the factors to consider when valuing a private business. But how do investors measure...
by wabc | Feb 14, 2020 | Taxes |
Along with a new year comes new payroll rules. Here are five highlights: 1. Significant revisions have been made to Form W-4.The IRS redesigned Form W-4, beginning with the 2020 tax year. The form was revised to take into account changes from the Tax Cuts and Jobs...
by wabc | Jan 31, 2020 | Taxes |
When the Tax Cut and Jobs Act went into effect in January 2018, many taxpayers stopped itemizing their returns. The reality, however, is not necessarily black and white. Unique tax situations require a unique approach, and there may be some room for improvement in...
by wabc | Jan 24, 2020 | Taxes |
Many small business owners approach tax season with a can-do attitude. This entrepreneurial spirit is admirable, but when it comes to compliance, it is usually best to leave tax preparation to the experts. Being aware of common mistakes, like failing to comply with...
