The IRS announced on December 13, 2016 that standard mileage rates for the business use of vehicles will be lowered for 2017 in Notice 2016-79. The new standard mileage rates for the business use of vehicles will change from $.54 in 2016 to $.535 in 2017. Medical and moving mileage deduction for 2017 will be…
Read MoreNew Minimum Threshold for Exempt Employee effective December 1, 2016 The US Department of Labor issued new regulations under the Fair Labor Standard Act. As a result of these regulations, on December 1, 2016 the minimum salary threshold for exempt employees will increase from $23,660 to $47,476 per year. Under the previous threshold, the minimum…
Read MoreThe IRS announced on December 17, 2015 that standard mileage rates for the business use of vehicles will be lowered for 2016 in Notice 2016-1. The new standard mileage rates for the business use of vehicles will change from $.575 in 2015 to $.54 in 2016. Medical and moving mileage deduction for 2016 will be…
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The safe harbor threshold that was $500 was raised to $2,500 by the Internal Revenue Service in Notice 2015-82 on November 24, 2015. Due to comments received from organizations and taxpayers, the IRS Commissioner said the threshold was reconsidered. The IRS received over 150 letters from businesses and their representatives regarding this matter noting that…
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