Cents-per-mile rate for business miles decreases slightly for 2020

21 January, 2020

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can generally deduct the […]

Read more ›

New law helps businesses make their employees’ retirement secure

10 January, 2020

A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed […]

Read more ›

Tax Briefing Update: 2019 year-end tax provisions, extenders and retirement plan changes included in Consolidated Appropriation Act, 2020

31 December, 2019

CCH Tax Briefings, Consolidated Appropriation Act, 2020 SPECIAL REPORT Year-End Spending Package Includes Various Tax Provisions, Extenders, Retirement Plan Changes Just before recessing for the holidays, the House and Senate have passed the Consolidated Appropriations Act, 2020. The new Act averts a government shutdown that would have begun on December 21, 2019. The House passed […]

Read more ›

New law provides a variety of tax breaks to businesses and employers

30 December, 2019

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension […]

Read more ›

Wayfair revisited — It’s time to review your sales tax obligations

23 December, 2019

In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your company does business across state lines, it’s a […]

Read more ›

2019 Year-End Tax Planning

19 December, 2019

Year-end tax planning for 2019 presents challenges and opportunities for taxpayers.  This letter presents some planning ideas to consider while there is still time to act before the end of 2019.  As always, you can call on us to help you sort through the options and implement strategies that make sense for you.  Click the […]

Read more ›

Charitable contributions

18 December, 2019

The IRS has proposed clarifications on how to treat certain contributions made to a charity in return for state and local tax credits. A provision of the Tax Cuts and Jobs Act limits an individual’s deduction for state and local taxes paid in a calendar year to $10,000. The new proposed regulations provide guidance on issues […]

Read more ›