Jun 13, 2022 | GTM Business Blog isolved
For the first time since 2011, the IRS has made a midyear adjustment to the optional mileage rate used to calculate the deductible costs of operating an automobile for business and other specific purposes. The agency said the change is in recognition of recent...
Nov 29, 2021 | GTM Business Blog isolved
The IRS has released Revenue Procedure 2021-45, which includes cost-of-living adjustments for employee qualified transportation fringe benefit limits for the 2022 taxable year, along with annually adjusted numbers for 2022 for a number of other tax provisions. The...
Nov 10, 2021 | GTM Business Blog isolved
The Internal Revenue Service (IRS) has released Notice 2021-61, containing cost-of-living adjustments for 2022 that affect retirement contribution limits for employee 401(k) plans and individual retirement accounts (IRAs). 2022 401K and IRA Contribution Increases The...
Sep 15, 2021 | GTM Business Blog isolved
IRS Notice 2021-53, issued Sept. 7, 2021, provides guidance for employers on reporting sick and family leave wages for employee leave taken in 2021 under the Families First Coronavirus Relief Act (FFCRA), as amended by the COVID-related Tax Relief Act of 2020 and the...
Mar 22, 2021 | GTM Business Blog isolved
The Internal Revenue Service and the Treasury Department announced last week that due to ongoing financial hardships resulting from the pandemic, the federal 2020 individual tax filing and payment deadline has been extended to May 17, 2021. The previous deadline was...
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