August 2017 Client Bulletin

Clink on the link for the August 2017 Client Bulletin

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July 2017 Client Bulletin

Click on the link for the July 2017 Client Bulletin

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June 2017 Client Bulletin

Click on the link for the June 2017 Client Bulletin

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IRS REDUCES STANDARD MILEAGE RATES FOR 2017

The IRS has announced decreases in the standard mileage rates that taxpayers will use for calculating business, medical, and moving expenses in 2017. Use of the standard mileage rate is a popular alternative to using the actual expense method, which requires taxpayers to keep track of specific costs for maintenance, repairs, tires, gas, oil, insurance, etc.  Business Use According to the IRS, the standard mileage rate for use in calculating 2017 business travel expenses is 53.5¢, down from 54¢ in 2016. The new rate also applies where the employer maintains an “accountable” plan for reimbursing employees who use their own … Continue reading

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IRS ANNOUNCES NEW RELIEF FOR LATE ROLLOVERS

The IRS has released new guidance to help taxpayers avoid taxes and penalties for late rollovers of distributions from employer-sponsored retirement plans and individual retirement accounts (IRAs). Ordinarily, such rollovers must be completed within 60 days to be considered valid. The new guidance establishes a process for taxpayers who miss the 60-day rollover window for any one of 11 different reasons to correct the error.  Background Generally, a taxpayer who wants to roll funds tax free from a workplace retirement plan or IRA into another plan or IRA has two options: (1) Arrange for a direct trustee-to-trustee transfer of the … Continue reading

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