Is it Time to do a “Paycheck Checkup”?

The Internal Revenue Service has made a recent announcement suggesting part-year or seasonal employees to do a “paycheck checkup”. The changes made from The Tax Cuts and Jobs Act (enacted earlier in the year) have made some significant differences in how the withholding tax gets calculated this year.  Part-year and seasonal workers are especially vulnerable to incorrect calculations due to …

Written By: Jake Stratton

Changes to Federal Tax Withholding for 2018

The IRS recently released updates to the income-tax withholding tables for 2018. This change updates the 2018 tax tables in accordance with the tax reform legislation enacted at the end of the year (HR1). Employers should update their tables as soon as possible, but at least by February 15th. The IRS states that the new law “makes a number of …

Written By: Jake Stratton

IRS Business Mileage Rate Increased for 2018

On December 14, 2017, the Internal Revenue Service announced that the standard mileage rates for business will be increased for 2018.   For the year 2018, the optional standard mileage rate will be 54.5 cents per mile. Taxpayers have the option of using the optional standard mileage rate to calculate deductible costs of operating an automobile for business purposes.   …

Written By: Jake Stratton

IRS Business Mileage Rate Decreased for 2016

On December 17, 2015, the Internal Revenue Service announced that the standard mileage rates for business will be decreased for 2016.   For the year 2016, the optional standard mileage rate will be 54 cents per mile. Taxpayers have the option of using the optional standard mileage rate to calculate deductible costs of operating an automobile for business purposes.   …

Written By: Jake Stratton

StaffScapes to speak on IRS Form 1099 Reporting

Our very own Lora Manternach, PHR and Jake Stratton along with long-time business associate John Gallo, CPA have been honored with an invitation to speak at an upcoming event for Lorman Education services.  On May 22, 2012, the team will present a one day seminar on the IRS Form 1099 and what you need to know regarding regulations and reporting.  …

Written By: Eugena Bellamy

IRS Releases Form and Additional Guidance on Small Business Health Care Tax Credit

The Internal Revenue Service recently released final guidance on the small business health care tax credit included in the Health Care Reform enacted earlier this year. A one-page form as well as instructions for small employers, were included in this release. Small for-profit businesses will use the new Form 8941 to claim the credit for the 2010 tax year. The IRS also …

Written By: Jake Stratton

IRS Announces Relief for Employers from W-2 Reporting of Health Plan Costs

The IRS announced today, October 12, 2010, that it will defer the health insurance reporting requirement for employers, making reporting by employers optional for 2011. The Affordable Care Act requires that the aggregate cost of employer-sponsored health coverage must be reported on a Form W-2.  For this purpose, the aggregate cost is to be determined under rules similar to the …

Written By: Jake Stratton

IRS Reduces Mileage Rate for 2010

On December 3, 2009, the Internal Revenue Service announced a reduction to the optional standard mileage rates for 2010. For the year 2010, the optional standard mileage rate will reduce from 55 cents to 50 cents per mile. Taxpayers have the option of using the optional standard mileage rate to calculate deductible costs of operating an automobile for business purposes. …

Written By: Jake Stratton

Warning: IRS Increasing Audits for the Next Three Years

IRS will audit 2,000 taxpayers each year for the next three years. Beginning February 2010, the Internal Revenue Service will begin employment tax audits on 2,000 randomly selected taxpayers (employers) per year for the next three years.  The IRS states that they are conducting this study “to collect data that will allow the IRS to understand the compliance characteristics of …

Written By: Jake Stratton

IRS Reduces Mileage Rate for 2009

On November 24, 2008, the Internal Revenue Service announced a reduction to the optional standard mileage rates for 2009.  For the year 2009, the optional standard mileage rate will reduce from 58.5 cents to 55 cents per mile. Taxpayers have the option of using the optional standard mileage rate to calculate deductible costs of operating an automobile for business purposes. …

Written By: Jake Stratton