for telling others about the exceptional service you receive from Faw Casson.
We appreciate your business and welcome your referrals.
IRS MAPS OUT NEW PER DIEM RATES
The IRS pays close attention to deductions claimed for business travel expenses. Both employers and employees must meet strict recordkeeping requirements or face the consequences. Fortunately, you can obtain some relief by using IRS-approved per diem allowances in lieu of accounting for every expense. Now the IRS has updated its per diem rates for business travelers in the government's 2017 fiscal year. See the new rates
HERE.
2017 STANDARD MILEAGE RATES
For travel beginning dated from January 1, 2017, the standard mileage rates for the use of a vehicle will be:
53.5 cents per mile for business miles driven, down from 54 cents for 2016
17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
14 cents per mile driven in service of charitable organizations
The business mileage rate decreased half a cent per mile and the medical and moving expense rates each dropped 2 cents per mile from 2016. The charitable rate is set by statute and remains unchanged.
TAX TWISTS ON SOCIAL SECURITY BENEFITS
There is a two-tier approach to taxing Social Security benefits. Unlike many other provisions in the tax code, the thresholds for the tiers are not indexed for inflation and remain on the relatively low side. the following is a brief summary of the main rules.
DO YOU HAVE TO PAY THE NII TAX?
As the deadline for filing 2016 tax returns approaches, some taxpayers are still struggling with the rules for the 3.8% tax on "Net Investment Income" (NII). The tax law provision authorizing this special tax was included in the Affordable Care Act (ACA), the law known as Obamacare. Although the ACA may be repealed by the new Trump administration, it would not likely be retroactive to 2016. Find out more about the rules HERE.
IRS SELECTS PRIVATE TAX COLLECTORS
The IRS, the nation's tax collection agency, has identified a select group of four private contractors that will begin collecting federal tax debts during the 2016 tax return filing season. These private collection companies will work on accounts where taxpayers owe money but the IRS is no longer actively pursuing the debts. Find out more HERE.
ADJUSTMENTS IN RETIREMENT PLAN LIMITS
The IRS has announced its annual cost-of-living adjustments for certain retirement plan thresholds. Due to relatively low inflation rates, the adjustments for 2017 are minimal or nonexistent, as shown HERE.
FIRM HAPPENINGS
Please join us in welcoming Elizabeth Dominguez to our Faw Casson family! Lizzy will be working from our Rehoboth Beach, DE office.
Stop in and say "Hi"!
LET THE GOOD TIMES ROLL!
You're invited to our 6th Annual Mardi Gras Open House and Happy Hour held in our Dover office!
