Organizations that reimburse employees for business use of their personal vehicles have an important midyear update to make. Effective July 1, 2026, the IRS optional standard mileage rate increased from 72.5 cents to 76 cents per business mile. The 3.5-cent increase...
Taxpayers who discover an error after filing a federal tax return may need to file an amended return. There are some instances where an amended return isn’t required such as when the IRS corrects errors during processing or requests missing forms or schedules...
Most employers are familiar with payroll tax withholding for employees, but fewer understand backup withholding. Despite the name, backup withholding is not a secondary payroll tax or emergency tax process. It is a federal tax withholding requirement that applies in...