Macro Tax Services offers both compliance and advisory services to help companies address their taxation concerns. We leverage our expertise in the area of U.S. taxation to provide advice that is in line with individuals, businesses and corporate goals and strategy. At Macro Tax Services, we represent you and your businesses before the IRS, as well as do your taxes right. Just give us a call today.
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Tax Planning & Advice. We know how stressful tax season can be for individuals and any company. Our specialists can serve as your main advisers during this particular time of the year, making the entire taxation process as seamless as possible.
IRS Representation. We have experts who can stand in your stead in front of the IRS and, with their knowledge and experience, help you overcome the problems that got your company in that position in the first place.
Income Tax Preparation. Every company should prepare well for the tax season. This is a busy, stressful time of the year when you need our team of specialists to take care of any and all tax matters while you focus on growing your company.
Income Taxes, Accounting & Bookkeeping
Do you know how the U.S New Tax Reform of 2017 would affect you and your businesses? Call Macro resource group. We stand with you for all your professional Corporate and individual tax needs. For all your federal and state tax needs don’t do it alone, let Macro Resource Group help resolve your tax issues with the IRS. Do you owe the IRS? Call Macro resource group today! You will be glad you did. You don’t have to wait until the tax season, to organize your tax records, and needed help for compliance requirements, and tax savings call: Macro resource group today. Register your bookkeepers, accounts clerks, and secretaries for our Webinars including QuickBooks training. Call us today for details!
We help you come up with better ways to consistently keep track of your business’ financial records.
Macro resource group will stand with you for all your individual, corporate, partnership, accounting, taxation, and record-keeping needs. The new Tax Laws may be complicated, but the good news is that Macro resource group would assist you to navigate the intricacies and complexities of the recent tax laws in relation to your business and how it may affect you as an individual.
Record keeping is a major key component of your business. Macro resource group provides you with the most methodological accounting and record keeping procedures to ensure compliance with the tax laws and other federal and/or state regulations. There are rules and requirements for owning and running your business in the United States. Owning and operating your business in America is less complex if you understand these rules and regulations. You need professional certified business and tax team to assist you all the way. You should not wait till the Tax season to prepare and file your taxes. Macro resource team will serve as an advocate between you and the Internal Revenue Services (IRS) on any unresolved tax issues for a reasonable fee. If you have a phone you have a reliable and dependable IRS representation to work with you.
Accounting and record keeping retention requirements of your business also require due diligence. The Macro resource group would assist you to maintain accurate business records. Therefore, record keeping is as equally significant as profit making, yet only few business owners understands this fact. The is little or no time to attend to today’s ever increasing mundane and routine new daily lifestyles. The Macro resource group solution is available and affordable.
Internal Revenue Services (IRS) Tax News and Updates
This Year look forward to our monthly IRS News and updates that may affect your Individual and Business or Organizational taxes.
Additionally, the IRS will not assert that a creditor must file information returns and furnish payee statements for the discharge of any indebtedness within the scope of this revenue procedure. To avoid confusion, the IRS strongly recommends that these creditors not furnish students nor the IRS with a Form 1099-C.
IRS issues standard mileage rates for 2020
IR-2019-215, December 31, 2019
WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019,
- 17 cents per mile driven for medical or moving purposes, down three cents from the rate for 2019, and
- 14 cents per mile driven in service of charitable organizations.
The business mileage rate decreased one half of a cent for business travel driven and three cents for medical and certain moving expense from the rates for 2019. The charitable rate is set by statute and remains unchanged.
It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, except members of the Armed Forces on active duty moving under orders to a permanent change of station. For more details, see Rev. Proc. 2019-46 (PDF).
The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than five vehicles used simultaneously. These and other limitations are described in section 4.05 of Rev. Proc. 2019-46 (PDF).
Notice 2020-05 (PDF), posted today on IRS.gov, contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan. In addition, for employer-provided vehicles, the Notice provides the maximum fair market value of automobiles first made available to employees for personal use in calendar year 2020 for which employers may use the fleet-average valuation rule in § 1.61-21(d)(5)(v) or the vehicle cents-per-mile valuation rule in § 1.61-21(e).
Jan. 31 filing deadline remains for employer wage statements, independent contractor forms
IR-2019-197, December 4, 2019
WASHINGTON — The Internal Revenue Service today reminded employers and other businesses that wage statements and independent contractor forms still have a January 31 filing deadline.
Before the Protecting Americans from Tax Hikes (PATH) Act, employers generally had a longer period of time to file these forms. But the 2015 law made a permanent requirement for employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31.
Certain Forms 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contractors are also due at this time. Such payments are reported in box 7 of this form.
The early filing date means that the IRS can more easily detect refund fraud by verifying income that individuals report on their tax returns. Employers can avoid penalties by filing the forms on time and without errors. The IRS recommends e-file as the quickest, most accurate and convenient way to file these forms.
Get a jump on the due date
Employers should verify employees’ information. This includes names, addresses, and Social Security or individual taxpayer identification numbers. They should also ensure their company’s account information is current and active with the Social Security Administration before January. If paper Forms W-2 are needed, they should be ordered early.
Automatic extensions of time to file Forms W-2 are not available. The IRS will only grant extensions for very specific reasons. Details can be found on the instructions for Form 8809, Application for Time to File Information Returns.
IRS updates per diem guidance for business travelers and their employers
IR-2019-190, November 26, 2019
WASHINGTON — The Internal Revenue Service today issued guidance for business travelers, updated to include changes resulting from the Tax Cuts and Jobs Act (TCJA).
Revenue Procedure 2019-48 (PDF), posted today on IRS.gov, updates the rules for using per diem rates to substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home. Taxpayers are not required to use a method described in this revenue procedure and may instead substantiate actual allowable expenses provided they maintain adequate records.
Although TCJA suspended the miscellaneous itemized deduction that employees could take for non-reimbursed business expenses, self-employed individuals and certain employees, such as Armed Forces reservists, fee-basis state or local government officials, eligible educators, and qualified performing artists, that deduct unreimbursed expenses for travel away from home may still use per diem rates for meals and incidental expenses, or incidental expenses only.
The revenue procedure makes clear that TCJA amended prior rules to disallow a deduction for expenses for entertainment, amusement, or recreation paid or incurred after December 31, 2017. Otherwise allowable meal expenses remain deductible if the food and beverages are purchased separately from the entertainment, or if the cost of the food and beverages is stated separately from the cost of the entertainment.
The IRS annually issues guidance providing updated per diem rates; Notice 2019-55 (PDF) provides the rates that have been in effect since October 1, 2019.
Everyone should check their withholding
It’s important to revisit your tax withholding, especially if major changes from the Tax Cuts and Jobs Act affected the size of your refund this year. Even if you did a Paycheck Checkup last year, you should do it again to account for differences from TCJA or life changes. A Paycheck Checkup can help you see if you’re withholding the right amount of tax from your paycheck. Too little could mean an unexpected tax bill or penalty.
You should check your withholding if you…
- Are a two-income family or someone with multiple jobs
- Work a seasonal job or only work part of the year
- Claim the child tax credit
- Have dependents age 17 or older
- Itemized your deductions in previous tax years
- Have high income or a complex tax return
- Had a large tax refund last year
- Had a tax bill last year
You can use the results from the Tax Withholding Estimator to determine if you should:
- complete a new Form W-4, Employee’s Withholding Allowance Certificate, and submit it to your employer.
- complete a new Form W-4P, Withholding Certificate for Pension or Annuity Payments, and submit it to your payer.
- make an additional or estimated tax payment to the IRS before the end of the year.
IRS and Treasury issue guidance for students with discharged student loans and their creditors
IR-2020-11, January 15, 2020
WASHINGTON — The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 (PDF) that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school.
Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements for the discharge of any indebtedness within the scope of this revenue procedure.
The Treasury Department and the IRS have determined that it is appropriate to extend the relief provided in Rev. Proc. 2015-57, Rev. Proc. 2017-24 and Rev. Proc. 2018-39 to taxpayers who took out federal and private student loans to finance attendance at nonprofit or other for-profit schools not owned by Corinthian College, Inc. or American Career Institutes, Inc.
The Revenue Procedure provides relief when the federal loans are discharged by the Department of Education under the Closed School or Defense to Repayment discharge process, or where the private loans are discharged based on settlements of certain types of legal causes of action against nonprofit or other for-profit schools and certain private lenders.
Taxpayers within the scope of this revenue procedure will not recognize gross income as a result of the discharge, and the taxpayer should not report the amount of the discharged loan in gross income on his or her federal income tax return.
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Please go to IRS link on our website: https://www.irs.gov/ for additional updates.