The Iowa Restaurant and Bar Relief Program will provide financial relief to some of the most impacted businesses during the COVID-19 pandemic, restaurants and bars. Eligible businesses must show a decrease in gross sales of at least 15% during the…
Beginning January 1, 2021 the standard mileage rates are: 56 cents per mile for business miles driven (down from 57.5 cents in 2020) 16 cents per mile for medical or moving purposes (down from 17 cents in 2021) 14 cents…
Certain food and beverage establishments are able to claim a credit for social security and Medicare taxes paid or incurred by the employer on certain employees’ tips. The following criteria must be met to claim the credit: Have had employees…
The Social Security Administration (SSA) announced that the wage base for Social Security will increase from $132,900 to $137,700 for 2020. This is an increase of $4,800. If employers and employees exceed this wage base they will be paying an…
Beginning January 1, 2020 the standard mileage rates are: 57.5 cents per mile for business miles driven (down from 58 cents in 2019) 17 cents per mile for medical or moving purposes (down from 20 cents in 2019) 14 cents…
Notice 2019-55 released the 2019-2020 special per diem rates for those in the transportation industry to be effective as of October 1, 2019. The new meal and incidental expenses (M&IE) rates for truckers is $66 per day. This is the…
After the rush of the individual tax season and plenty of work left to be done; now is the time to start switching gears towards thinking about 2018 fiscal year ends, pass-through entities and some of the big changes that…
For 2020, the annual contribution limit is $3,550 for self-only coverage (up from $3,500 in 2019) and $7,100 for family coverage (up from $7,000 in 2019). If you are 55 or older by the end of the year, there is…
Tax scams have caused thousands of people to lose millions of dollars along with stolen personal information. As scammers evolve and find new creative ways to trick people into giving them personal information or to send them money; it’s important…
As the new year is upon us it is time to start thinking about taxes. It is time to organize and gather documents as they come in the mail. Gathering information for your tax preparer may seem overwhelming, but staying…
