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Month: January 2020

Opportunity Funds and Installment Sales

As discussed on pages 64 to 66 of the Tax Year 2019 M+O=CPE Individual Tax Year-End Workshop Reference Book, taxpayers with capital gains can defer the recognition of those gains by reinvesting the amount of the gain into a qualified opportunity fund.  On December 19, 2019, the Treasury Department issued final regulations related to investing in qualified opportunity funds.  (See Treasury Deci...

IRS Withholding Calculator in Excel

As discussed on pages 5 to 10 of the Tax Year 2019 M+O=CPE Individual Tax Year-End Workshop Reference Book, the major revision of Form W-4 for the 2020 tax year requires practitioners to adjust to a completely new withholding computation and to be able to interact with both the old and new system.  Since the 2020 version of Form W-4 requires employers to make different withholding calculations ...

2020 Standard Mileage Rate

The IRS has released the 2020 standard mileage rate.  For business travel, it is 57½ cents per mile (down from 58 cents in 2019).  For medical-related travel, it is 17 cents per mile (down from 20 cents in 2019).  The rate for charitable use of an automobile is not subject to adjustment, and it remains 14 cents per mile. ...