The IRS on Wednesday finalized updates to various tax accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. The regulations (T.D. 9942) finalize proposed regulations issued in July (REG-132766-18) with a few changes in response to comments, […]

The optional standard mileage rates for business use of a vehicle will decrease once again in 2021 after increasing significantly in 2019, the IRS announced in Notice 2021-02. For business use of a car, van, pickup truck, or panel truck, the rate for 2021 will be 56 cents per mile after decreasing to 57.5 cents […]

Treasury intends to update the Circular 230 rules governing practice before the IRS, and external stakeholder groups are invited to submit suggested changes and revisions to the IRS’s Office of Professional Responsibility (OPR). OPR plans to send Treasury “basically a redline of Circular 230,” said OPR Director Sharyn Fisk, speaking at a virtual meeting of […]

Does the following conversation sound familiar? Me: How’s business? Most people: It’s great. I’m so busy! Me: Oh nice. Want to get together and discuss some growth opportunities?  Most people: I’d love to, but I’m just too busy. I’m working like 60 hours a week and can’t make the time. Sound familiar? Well there’s a […]

The IRS is implementing procedures to identify and recover tax refunds issued by electronic funds transfer (direct deposit) that were not delivered to the account designated to receive the direct deposit refund on the federal tax return or other claim for refund. The regulations (T.D. 9940) finalize proposed regulations (REG-116163-19) with one change to the […]

Small businesses can grow in boom times as well as periods of difficulty by working smarter and taking advantage of opportunities. Put these effective business growth tips into practise in your business. 1. Utilise new technology Modern technology can save you time, improve productivitym reduce your operational costs, and contribute to your overall business growth. […]

HMRC have produced clear guidance on what individuals and businesses will need to do when we have left the EU on 1 January 2021.  There is an HMRC tool to use which will give specific information for your own personal or business circumstances which can be found here.   For businesses who import or export […]

The IRS issued final regulations (T.D. 9932) on Sec. 162(m), which disallows a deduction by any publicly held corporation for employee remuneration paid to any covered employee to the extent that the employee’s remuneration for the tax year exceeds $1 million. The rules finalized proposed regulations (REG-122180-18) issued last December. Sec. 162(m) was amended in […]

News Procedure & Administration By Sally P. Schreiber, J.D. In a memorandum dated Dec. 11, 2020, the IRS extended the period during which it will accept a number of forms for which it will temporarily allow required signatures in electronic or digital form. The original authorization was from Aug. 28 through Dec. 31, 2020. Due […]

So you’ve set up your business and sold some products and services. Now, you have to send an invoice to collect your payment. But what should you include on your invoices in order to get paid faster? Even if you’ve been running your business for a while, you might be missing other information that you […]