IRS issues 2020 standard mileage rates

  • 8 January 2020
  • Author: machele
  • Number of views: 42
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The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020 after increasing significantly in 2019, the IRS announced on Tuesday (Notice 2020-05). For business use of a car, van, pickup truck, or panel truck, the rate for 2020 will be 57.5 cents per mile in 2020, down from 58 cents per mile last year after increasing from 54.5 cents per mile in 2018. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.



10 year-end tax planning tips as 2020 approaches

  • 18 December 2019
  • Author: machele
  • Number of views: 123
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Taxpayers should be able to approach year-end tax planning with more confidence than last year with these tips from Top 6 Firm Grant Thornton LLP.

Tax reform made 2018 a particularly difficult year as taxpayers and the Internal Revenue Service raced to contend with sweeping changes. But, with the dust settling and significant IRS guidance available, taxpayers and tax professionals can approach the end of 2019 with more certainty. Here are the 10 most important 2019 year-end tax-planning considerations for individuals.

Special IRS efforts to focus on tax compliance, education begin

Efforts across the country to follow to raise awareness, encourage compliance

  • 25 November 2019
  • Author: machele
  • Number of views: 182
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As part of a larger effort by the Internal Revenue Service to ensure fairness in the tax system, the IRS is taking steps to conduct special compliance efforts for individual and business taxpayers in various communities.

The goal of these visits is to help resolve tax compliance issues by meeting face-to-face with taxpayers with ongoing tax issues. The IRS will focus these efforts in areas where there have been a limited number of revenue officers available due to declining IRS resources.

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IRS posts 2020 inflation adjustments and tax tables

  • 7 November 2019
  • Author: machele
  • Number of views: 244
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The IRS on Wednesday issued the 2020 annual inflation adjustments for many tax provisions as well as the 2020 tax rate tables for individuals and estates and trusts (Rev. Proc. 2019-44). These adjusted amounts will be used to prepare tax year 2020 returns in 2021.


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