2017 Mileage Rates

Beginning on January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven, down from 54 cents for 2016 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016 14 cents […]

Tax Records

The length of time you should keep a document depends on the action, expense or event.  Generally you should keep a copy of your tax return and your records that support an item of income, deduction or credit shown on your tax return for 3 years.  Health care information statements should also be kept for […]

What is Tax-related Identity Theft?

Tax-related identity theft occurs when someone uses your Social Security number (SSN) to file a tax return claiming a fraudulent refund. If you become a victim, the IRS is committed to resolving your case as quickly as possible. You may be unaware that this has happened until you e-file your return and discover that a […]

New Tax Due Dates for 2016

For fiscal year filers, Partnership and S Corporation tax returns will be due the 15th day of the third month after the end of their tax year.  C Corporation tax returns will be due the 15th day of the fourth month after the end of the tax year. New Tax Due Dates for 2016 Calendar […]

Some Refunds Will Be Delayed

As the IRS steps up its efforts to combat identity theft and tax refund fraud by implementing security safeguards, taxpayers may face additional review resulting in a delay of their refund.  The IRS will hold the entire refund for any tax return claiming either the Earned Income Tax Credit or Additional Child Tax Credit until […]

New Filing Deadline for Employers

The Protecting Americans from Tax Hikes (PATH) Act, aimed at making it easier for the IRS to detect and prevent refund fraud, created new filing deadlines for employers. Form W-2 and certain Forms 1099-MISC reporting non-employee compensation must be submitted to Social Security Administration or the Internal Revenue Service by January 31, 2017. The new […]

Retirement Account Contribution Limits

Retirement Account Contribution Limits 2016 Contributions to Retirement Plans: The 401(k) contribution limit is 100 % of earned income or $18,000 – this applies to 403(b) and 457 plans also. Individuals age 50 and older can contribute an additional $6,000. The contribution limit on a SIMPLE Plan stays at $12,500 Individuals age 50 and older […]

Health Savings Account Contribution Limits

Health Savings Account Contribution Limits 2016 Deductible contributions for a Health Savings Account: Deductible H.S.A. contributions for account owners with family coverage is $6,750. The ceiling for self-only coverage remains $3,350. Individuals born before 1962 (age 55 and older) can contribute an additional $1,000.

Department of Labor Changes to the Fair Labor Standards Act

Department of Labor Changes to the Fair Labor Standards Act   The new Fair Labor Standards Act (FLSA) affects exempt status and overtime pay.  The new rule goes into effect December 1, 2016. The minimum amount for an exempt status employee will increase to $913/week which equates to an annual salary of $47,476. Entities can […]

2016 Mileage Rate

The Internal Revenue Service has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.  Beginning on Jan. 1. 2016, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 54 cents per […]