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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Tax Relief May Be Available For Property Owners Impacted By Heavy Rain and Flood Damage

SDAT Will Identify Damaged Real Property for Reassessment, Encourages Residents To Apply

The Maryland State Department of Assessments and Taxation (SDAT) is encouraging residents whose real property has been damaged by the recent severe weather to contact the Department, as they may qualify to have their property assessments reduced.

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UPDATE: IRS Provides Transition Relief for Health Savings Account Plans in Maryland

Under Maryland law, effective January 1, 2018, 100% of the cost of male sterilization was to be provided by insurance companies without a deductible, which put health plans with high deductibles (HDHPs) at risk for disqualification under federal law.  This conflict between state and federal law had the unforeseen consequence of invalidating Health Savings Accounts (HSAs) in Maryland.  The IRS is aware of Maryland’s law, and the resulting complications. 

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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