Tax

2020 Standard Mileage Rates: What You Need to Know

January 3, 2020

The IRS released optional standard mileage rates for 2020, which may be used to calculate deductible costs for operating an automobile. This includes cars, vans, pickup trucks and panel trucks. Beginning January 1, 2020, the standard mileage rates are: 5 cents per mile for business use 17 cents per mile for medical use 14 cents…

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Repeal of Nonprofit Unrelated Business Income Tax on Fringe Benefits

December 20, 2019

President Trump is expected to sign a government funding bill tonight, Friday, December 20th, which includes a provision that will repeal the tax nonprofit organizations pay on certain qualified fringe benefits. Included in the Tax Cuts and Jobs Act of 2017 was a provision that had a significant impact on certain tax-exempt organizations that provided…

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Giving Tuesday: Why You Should Give Non-Cash Charitable Donations and Maximize Your Tax Benefits

December 2, 2019

Giving Tuesday is a great time to make a difference in your community and support your favorite causes by making charitable donations. Donating cash is a simple way to support charities, but there are other ways you can give. Did you know you can donate appreciated assets directly to charities? It can increase the impact…

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New York – Internal Revenue Code Changes for 2018 and After

February 7, 2019

The link below addresses areas where New York’s tax treatment of certain federal items of income and deductions will now differ for tax years 2018 and after. Department of Taxation and Finance (Technical Memorandum) If you have any questions or concerns, please contact one of our tax partners. We are here to help you navigate…

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IRA employee benefits

The Pros and Cons of a Roth IRA Conversion

January 2, 2019

Most people recognize that Roth IRAs offer some significant tax advantages over traditional IRAs. For example, qualified Roth IRA withdrawals are free from federal income tax. In addition, unlike with traditional IRAs, there is no need to start taking required minimum distributions (RMDs) from Roth IRAs after reaching age 70½. This allows the assets held…

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tax advisors

Standard Mileage Rates for 2019

December 17, 2018

The IRS just issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. These will go into effect on January 1, 2019. Follow the link below to learn more and please contact one of our tax partners with any questions or…

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