Monday, January 13, 2020

e-News for Small Business Issue 2020-1

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e-News for Small Business January 13, 2020

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e-News for Small Business issue 2020-1

Inside This Issue

  1. News your employees can use: 2020 tax season for individual filers starts Jan. 27
  2. IRS helps workers, businesses with new Gig Economy Tax Center
  3. New year, new Standard Mileage Rates
  4. IRS Free File now open
  5. Opportunity Zone guidance
  6. Regulations regarding publicly held corporations

1.  News your employees can use: 2020 tax season for individual filers starts Jan. 27


This year's tax season will begin for individual tax return filers on Jan. 27, 2020, when the IRS will begin processing 2019 tax year returns.

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2.  IRS helps workers, businesses with new Gig Economy Tax Center


The gig economy is any activity where people earn income providing on-demand work, services or goods. Often, it's through a digital platform like an app or website.

The IRS has launched a new Gig Economy Tax Center on IRS.gov. There, digital platforms and businesses will find information on classifying workers, reporting payments, and filing taxes for a digital marketplace or business. Workers within the gig economy will find helpful tips and essential forms to accurately manage their taxes.

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3.  New year, new Standard Mileage Rates


The IRS 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 Jan. 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.

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4.  IRS Free File now open


Most taxpayers can get an early start on their federal tax returns as IRS Free File – featuring brand-name online tax providers − opens at IRS.gov/freefile for the 2020 tax filing season.

For more information, see the IRS 2020 Free File announcement.

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5.  Opportunity Zone guidance


The IRS recently issued final regulations providing details about investment in qualified opportunity zones (QOZ). The final regulations modified and finalized the proposed regulations issued on Oct. 28, 2018 and May 1, 2019. They provide additional guidance for taxpayers eligible to make an election to temporarily defer the inclusion in gross income of certain eligible gain.

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6.  Regulations regarding publicly held corporations


The Treasury Department and the IRS issued proposed regulations to reflect changes from the Tax Cuts and Jobs Act (TCJA) on the tax deductibility of officers' compensation by publicly held corporations. IRS Notice 2018-68 was released on Aug. 21, 2018, providing initial guidance on this deduction limitation.

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