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June 4, 2019

IRS Adds New Requirement for EIN Applications

Starting May 13, an important change will affect the way it issues employer identification numbers or EINs. Only individuals with tax identification numbers – either a […]
May 14, 2019

Backup Withholding Rate Now 24%

  The Internal Revenue Service is reminding small businesses that recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding […]
March 13, 2019

IRS clarifies What Taxpayers Should Do to Protect Private Data

  Taxpayers should protect their personal and financial data from criminals who continue to steal large amounts of information. Thieves use the data to file bogus […]
February 5, 2019

New Mileage Rates for 2019

The optional standard mileage rates for business use of a vehicle will increase significantly in 2019, after increasing slightly last year, the IRS announced. For business use […]
December 20, 2018

The 20% Deduction (aka Section 199A)

Section 199A deduction also known as the Qualified Business Income deduction arises from the Tax Cuts & Jobs Act of 2017. This is a significant tax […]
November 7, 2018

The Inflation Adjusted Thresholds for Various Tax Levels Announced

The Social Security Administration (SSA) announced that the maximum earnings subject to the Social Security component of the FICA tax will increase from $128,400 to $132,900 […]
October 2, 2018

New Per-Diem Rates Go into Effect

The new per-diem numbers are now out, effective October 1, 2018. These numbers are to be used for per-diem allowances paid to any employee on or after […]
September 12, 2018

Simplifying Tax Compliance for Seniors

  According to Adam Smith’s Canons of Taxation, the tax compliance function in any society needs to be convenient. This has not always been the case […]
August 23, 2018

Tax Breaks for College Expenses

If you’re a college student (or the parent of one), you should know about some key tax breaks that are available to you when you do your […]