The IRS released the optional standard mileage rates for 2021. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, medical, and charitable purposes. Some members of the military may also use these rates to compute their moving expense deductions.
The standard mileage rates for 2021 are: • 56 cents per mile ... Read More ›
Beginning with tax year 2020, all Nonemployee Compensation is to be reported on the new Form 1099-NEC. This type of compensation was previously reported in box 7 on the Form 1099-MISC.
If the following conditions are met, you must generally report a payment as nonemployee compensation:The payment was made to someone who is not your employee; The ... Read More ›
President Trump issued a presidential memorandum on August 8, 2020 directing the United States Secretary of the Treasury to authorize the deferral of the withholding, deposit and payment of the employee’s share of the social security tax (6.2%) and the employee’s share of the RRTA equivalent tax, on applicable wages and compensation paid from September ... Read More ›