The special per diem rates that a taxpayer may use in substantiating travel and business expenses under the per diem substantiation method will be higher starting Oct. 1, as provided by the IRS in Notice 2024-68. Generally, under the per diem substantiation method, if an employer or other payer pays[…]
Read More »While many taxpayers have an overpayment after filing their taxes, many also find they unexpectedly owe taxes. This can be due to a life or job change for which they did not make the necessary tax adjustment during the year. Those who should be especially careful are: • Gig economy[…]
Read More »The Internal Revenue Service reminds taxpayers the deadline to submit their third quarter estimated tax payment is Sept. 16, 2024. The IRS also reminded taxpayers affected by disasters in 17 states, Puerto Rico and the Virgin Islands that they may automatically qualify for a delayed tax-payment deadline. Deadlines vary depending[…]
Read More »The W-4 form can seem confusing to an employee at first glance. Here’s a breakdown of the information an employee needs to provide on this tax form: Step 1: Personal Information (Lines 1-5) This section is a straightforward introduction, asking for an employee’s basic details: Step 2: Filing Status (Line[…]
Read More »While summer is a time for fun, it’s never the wrong time to thinking about taxes – and some of those summer activities could have an impact. Here are a few summertime activities and tips on how taxpayers should consider them for filing season. MarriageWedding season is upon us, and[…]
Read More »The tax system in the U.S. is “pay as you go,” so estimated taxes are due on a quarterly basis. The expectation is that each taxpayer will pay their estimated income and self-employment taxes due for the most recently-completed calendar quarter. The due date for the second quarter’s taxes, covering[…]
Read More »U.S. citizens or resident aliens’ world-wide income is generally subject to U.S. income tax, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to complete and attach Schedule B, Interest and Ordinary Dividends, to their Form 1040 series tax return. Part III[…]
Read More »If you own a small company, you may be considering structuring your business as a limited liability corporation or LLC. LLCs are seen as a favorable entity type by many business owners. The “limited liability” portion of the name means that the personal assets of the members of the LLC[…]
Read More »The IRS has announced that it will waive penalty fees for taxpayers who owe less than $100,000 in back taxes for the years 2020 and 2021. This relief will benefit around 4.6m individuals, businesses, and tax-exempt organizations, totaling about $1bn. The decision to forgive the failure-to-pay penalties is attributed to[…]
Read More »The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 67 cents per mile driven, up 1.5 cents from 2023. The increased rate is effective as of Jan. 1, 2024 (Notice 2024-08). The notice, released Thursday, sets the 2024[…]
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