What’s New Cents-per-mile rule. The business mileage rate for 2020 is 57.5 cents per mile. You may use this rate to reimburse an employee for business use of a personal vehicle, and under certain conditions, you may use the rate under the cents-per-mile rule to value the personal use of a vehicle you provide to an
Issue Number: 2020-03 Redesigned Withholding Compliance Lock-In Letters 2800C and 2808C coming soon The Tax Cuts and Job Act of 2017 (TCJA) changed withholding calculations by eliminating allowances, and in response, the IRS redesigned Form W-4, Employee’s Withholding Certificate. The Service is also redesigning the Withholding Compliance Lock-in Letters to reflect these changes. Effective January
January 20, 2016 TIGTA – 2016-01 Contact: Karen Kraushaar, Director of Communications Karen.Kraushaar@tigta.treas.gov (202) 622-6500 J. Russell George Urges Taxpayers to Remain on “High Alert” Expanded Outreach Effort Announced to Prevent More Losses to IRS Impersonators WASHINGTON — The Treasury Inspector General for Tax Administration (TIGTA) urged taxpayers to remain on “High Alert” and announced
I want to share the following updates under the FLSA. The New Overtime Rule went into effect on January 1, 2020, additional information can be found here https://www.dol.gov/agencies/whd/overtime/2019/index. The Regular Rate Final Rule went into effect on January 15, 2020. To gain guidance in determining the regular rate click here https://www.dol.gov/agencies/whd/overtime/2019-regular-rate. And
The DOL has released helpful information, through Fact Sheets & Presentations, on the regular rate of pay, bonuses, overtime and the white collar exemption. Please see the attached documents for details. FS#56a- Regular Rate FS#56c-Bonuses 2019Overtime 541 White Collar Exemptions
The IRS has issued the 2020 version of Publication 15-B (Employer’s Tax Guide to Fringe Benefits). The “What’s New” section of the publication includes information on the 2020 business mileage rate under the “cents-per-mile rule” (see Business Mileage Rate Decreasing in 2020, 1/02/2020), the monthly exclusion for qualified parking and commuter transportation benefits (see Payroll Guide ¶
In Dec. 16, 2019, the Department of Labor (DOL) published a final rule on fringe benefits that must be included in the regular rate of pay computation for overtime purposes . The DOL has also issued a fact sheet and FAQs to support the final rules. Here is some more detailed information on several fringe benefits that
Effective Jan. 1, 2020, the standard mileage rates for the use of a car (including vans, pickups, and panel trucks) are: 57.5¢ per mile for business miles driven (58¢ per mile in 2019); 17¢ per mile for medical or moving purposes (20¢ per mile in 2019); and 14¢ per mile for service to a charitable
IRS Publication 15-T (Federal Income Tax Withholding Methods) has been finalized. The publication includes 2020 percentage method and wage bracket withholding tables, withholding adjustments for nonresident alien computations, alternative methods for figuring withholding, and the tables for withholding on distributions of Indian gaming profits to tribal members. Withholding calculations are quite different than in previous years due
The IRS has issued some guidance to tax professionals on how to explain Form W-4 changes to clients [IRS e-News for Tax Professionals, Issue 2019-47, IRS Urges Careful Communication of Form W-4 Process, 12/20/19]. Form W-4 has been completely revised beginning with the 2020 tax year (see New 2020 Form W-4 Issued). The previous version of Form