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…
You’ve probably already noticed a few changes on our blog and on our website…like our new name. Like any progressive business, we are always striving to provide our clients with service beyond expectations. This includes supporting you with the most…
Our very own Tim Baker, CPA is the July/August 2019 member spotlight for the Iowa CPA Newsletter. Check it out below!
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…
Hot topic – if you have or will be installing geothermal in your Iowa home in 2019, the tax credit has changed for Iowa! You are now required to apply for the credit. The Department of Revenue approves applications, and…
April 15th was a welcome relief for most tax practitioners, myself included. We are so incredibly lucky and grateful to have such fantastic clients, and a wonderful team at BakerStarrett that made the best of the worst tax season I’ve…