Attention Payroll Return Preparers
As the January due date approaches, we would like to update you on the Payroll Return processes and procedures, specifically regarding the filing of Form W-2 – Wage and Tax Statement.
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HAPPY NEW YEAR FROM BGH!
Happy New Year! As we enter 2019, we here at Bormel, Grice & Huyett, P.A. are looking forward to continuing to provide our clients with the best possible service. We strive to exceed our clients’ expectations, and our own, for providing the professional knowledge that ensures their success, while adhering to the highest ethical standards.
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IRS Ruling Allows Company To Match Employees' Student Loan Payments Into Their 401(k)
A recent ruling by the IRS allows employers to link their employees’ 401(k) contributions, under certain circumstances, to student loan repayments (SLR) being made to an outside plan.
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MD Sales Tax-Free Shopping Week 2018
Maryland’s Comptroller’s office has announced that from Sunday, August 12th through Saturday, August 18th the state will be running its Shop Maryland Tax-Free Week.
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Update of 2018 Standard Mileage Rates- Notice 2018-42
The IRS just recently posted updates regarding changes to the use of the standard mileage rates, as well as increased depreciation limits for automobiles. Although the business standard mileage rate remains at 54.5 cents per mile, new amendments have been made as a result of the recent suspension of all miscellaneous itemized deductions (announced under Trump’s Tax Cuts and Jobs Act) that are subject to the 2% of AGI floor. This suspension applies to the taxable years beginning after December 31, 2017, and before January 1, 2026.
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