From category archives: Boulay

Individual Tax

IRS Updates Rules for Personal Use of Employer-Provided Vehicles

The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes.

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TCJA Glitches and the Extenders: Uncertainty Looms Over Some Federal Income Tax Provisions

Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extend certain tax relief provisions that expired at the end of an earlier year, in this case 2017.

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The Department of Labor Proposes Updated Overtime Rule

The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees (HCEs). It also increases the total annual compensation requirement for HCEs that’s required to qualify them as exempt. In addition, it retains the often confusing "duties test."

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2018 Tax Returns Will Break New Ground

On December 22, 2017, Congress passed, and the President signed, the Tax Cuts and Jobs Act (TCJA). The bill had numerous provisions that lowered tax rates, eliminated deductions and implemented new tax concepts into the tax law. The lowering of rates and elimination of deductions are fairly straightforward to incorporate into our planning, compliance work, and the advice we give to you. For many questions regarding deductions, the answer is now NO, and different tax rates are a one-time change to computer formulas.

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IRS Waives 2018 Underpayment Tax Penalties for Many Taxpayers

The IRS has some good news for certain taxpayers — it’s waiving underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year. The waiver recognizes that the Tax Cuts and Jobs Act’s (TCJA’s) overhaul of the federal income tax regime made it difficult for some taxpayers to determine the proper amount to have withheld from their paychecks or include in their quarterly estimated tax payments for 2018.

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Standard Mileage Rates Increase for 2019

The IRS has issued the standard mileage rates for 2019. The business-use standard mileage rate for 2019 is 58 cents per mile, up 3.5 cents from 2018. The standard mileage rate for moving and medical purposes will be 20 cents per mile in 2019, up two cents from 2018. The charitable mileage rate is set by statute at 14 cents per mile, so that did not change.

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What do the 2019 Cost-of-Living Adjustments Mean for You?

The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning.

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Fraud and Occupational Abuse Statistics

In 2018, the Association of Certified Fraud Examiners (ACFE) released its 2018 Report to the Nations based on the ACFE 2017 Global Fraud Survey, a survey conducted by members of the ACFE from July 2017 through October 2017. As part of the survey, members were asked to provide information on the largest fraud case they were involved in from January 2016 through the survey date. The information from this survey was compiled into a variety of statistics to gain an understanding of the impact that occupational fraud and abuse has on businesses.

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2019 IRS Cost-of-Living Adjustments

The Internal Revenue Service has issued the 2019 annual limitations for qualified retirement plans and Social Security. Click here to view the contribution, compensation and other limitations for 2019 and prior years that may affect you.

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Opportunity Zones

Opportunity zones were created by the Tax Cuts and Jobs Act and allows taxpayers to defer capital gains and potentially reduce the amount of gain realize. There is also a possible exclusion of gain on appreciation from Qualified Opportunity Fund investments.

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