Tax Credits

The IRS has issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The IRS has also announced: a) the 2021 depreciation component of the mileage rate; and (b) the maximum...

The September 3rd IRS payroll industry telephone conference was dominated by questions regarding the postponement (commonly referred to as deferral) of the employee's share of Social Security tax. Background. On August 8, 2020, President Trump signed a Presidential Memorandum directing Treasury Secretary Mnuchin to permit the postponement...

The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return...

The IRS has confirmed during its monthly payroll industry telephone conference call on August 6 that a revised version of Form 941-X (Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund) with the COVID-19 tax credits will be issued in mid-to-late September 2020. In response...