IRS Issues Standard Mileage Rates For 2020
Happy New Year from our Bormel, Grice & Huyett, P.A. family to yours! As we all know, a new year comes with new tax updates, regulations, and rates. The Internal Revenue Service issued a notice (Notice 2020-05), which provides the optional 2020 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.
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IRS Finalizes 2020 W-4
The IRS has issued the final 2020 Form W-4, effective January 1, 2020. The form was revamped to provide more transparency and accuracy for withholding.
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IRS to Conduct Face-to-Face Meetings with Noncompliant Taxpayers
The IRS has announced that agents will begin conducting face-to-face meetings with individuals and businesses with ongoing tax issues. These meetings will take place in areas with a limited number of available revenue officers due to declining IRS resources.
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IRS Provides Tax Inflation Adjustments for Tax Year 2020
Last week, the IRS announced the new annual inflation adjustments for over sixty tax provisions for the year 2020. It is important to note that the tax year 2020 adjustments are generally used on tax returns filed in 2021.
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401(k) Contribution Limit Increases
401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500.
The IRS announced today that the annual contribution limit for employees who participate in 401(k) plans will increase from $19,000 to $19,500 in 2020.
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