June 12, 2020

Premium Tax Credit Unaffected by Personal Exemption Decrease to Zero

The IRS issued long-promised proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction. (click on the picture to read more)...
March 18, 2020
Delivery Truck

Fleet-Average and Vehicle Valuation Rules

The IRS updated the fleet-average and vehicle cents-per-mile valuation rules. Consistent with the substantial increase in the dollar limitations on depreciation deductions, the regulations increase, effective for the 2018 calendar year (click on the picture to read more)...
February 18, 2020
Business Meals tax deduction

Business Meals Expense Deductions

As taxpayers continue to debate whether business meals are deductible as amended, some argue that the statute is clear and unambiguous in its intent to include meals as entertainment and that, without further congressional action, business meal expenses are nondeductible. (click on the picture to read more)...
February 6, 2020
Mileage Rates

2020 Mileage Rates

The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020 after increasing significantly in 2019 (click on the picture to read more)...