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IRS Issues Standard Mileage Rates for 2019
This week, the IRS issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents per mile…
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Deadline is Dec. 31 for most retirees who must make required retirement plan distributions
Retirees born before July 1, 1948, usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who reached age 70½ during 2018 are covered by a special rule that allows them…
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New Tax Benefit for Stock Options and Restricted Stock Units
The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. The tax law change…
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New thought on Passwords and Security
We are urging people to review new, stronger standards to protect the passwords of their online accounts. Every individual who maintains any type of online accounts should use strong passwords to protect against savvy cybercriminals taking over their identities and accessing sensitive tax and financial data. But there’s been some new thinking as to what…
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Avoid getting Caught by a Phishing Scam
Data thieves don’t take a break during the holidays. In fact, the IRS warns taxpayers that the agency is seeing a large increase in bogus email schemes that seek to steal money or tax data. The most common way for cybercriminals to steal money, bank account information, passwords, credit cards and Social Security numbers is to…
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It’s Shopping Season for Identity Thieves
The holidays offer cybercriminals a chance to steal financial account information, Social Security numbers, credit card information and other sensitive data to help them file a fraudulent tax return in 2019. Cybercriminals seek to turn stolen data into quick cash, either by draining financial accounts, charging credit cards, creating new credit accounts or even using…
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Making large gifts now won’t harm estates after 2025
Individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. The Treasury Department and the IRS issued proposed regulations which implement changes made by the 2017 Tax Cuts and…
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Cook reminds employers, business owners of Jan. 31 filing deadline for wage statements, independent contractor forms 1099
Cook & Co. Tax Advisors today reminded employers and other businesses that Jan. 31 remains the filing deadline for wage statements and independent contractor forms. The Protecting Americans from Tax Hikes (PATH) Act of 2015 started a requirement for employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal…
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What’s new with the child tax credit after tax reform
Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes to that credit. Here are some important things for taxpayers to know about the changes to the credit. Credit amount. The new law increases the child tax credit from $1,000 to $2,000.…
