Tag Archives | Charitable Planning

Washington Hotline – January 14, 2020

WASHINGTON NEWS Gig Economy Tax Center Launched In IR-2020-4, the Service announced the new Gig Economy Tax Center on IRS.gov. With the explosive growth of ride-sharing, home rentals and other gig businesses, millions of taxpayers have gig income and new tax obligations. Ride-sharing, renting your property, selling goods online, renting equipment, providing creative services or freelance […]

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Washington Hotline – January 7, 2019

WASHINGTON NEWS IRS Publishes 2020 Business, Moving, Medical and Charitable Mileage Rates In Notice 2020-5, the IRS announced mileage rates for use in computing deductability in 2020. The 2020 mileage rate for business is 57.5 cents per mile. The rate is 17 cents per mile for moving and medical travel. For qualified charitable travel, the […]

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Washington Hotline – December 10, 2019

WASHINGTON NEWS Passwords Can Protect Data From Identity Thieves In IR-2019-196, the Service offered nine tips for password protection. With the growth of online shopping, millions of Americans are potentially exposed to online fraudsters. The first line of defense against online attacks is creating strong passwords. IRS Commissioner Chuck Rettig noted, “Taking a few simple […]

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Washington Hotline – November 26, 2019

WASHINGTON NEWS Five Days to Online Security American shoppers are expected to set records for online shopping this holiday season. To assist individuals in protecting their online identity, the IRS has published a five-day online security guidance program. This program is designed for National Tax Security Awareness Week on Dec. 2-6, but may be implemented […]

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Washington Hotline – November 19, 2019

WASHINGTON NEWS Benefits of Bunching Charitable Gifts With the doubling of the standard deduction in 2018, the number of taxpayers who itemized deductions declined substantially. In 2017, nearly 30% of taxpayers itemized, but with the larger standard deductions, only about 10% of taxpayers will itemize this year. The standard deductions in 2018 doubled to $24,000 […]

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