Mileage Rates 2022 The IRS has updated mileage rates for 2022. + Beginning January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: + 58.5¢ per mile driven for business use, up 2.5¢ from the 2021 rate + 18¢ per mile driven for medical,...
keep readingA flat tax bill passed the Iowa House and Senate last week and is expected to be signed by Governor Reynolds. Under current Iowa law, the highest personal income tax bracket will be 6.5% in 2023. With the new bill, the highest personal rate will be reduced to 6.0% in 2023, 5.7% in 2024, 4.8%...
keep readingSenate File 619 (SF 619) was signed into law on June 16, 2021 – this legislation makes a significant number of changes to Iowa tax law. Historically, Iowa has decoupled from federal bonus deprecation as the statutory definition of “net income” under Iowa Code required adding back federal bonus deprecation. SF 619 now conforms Iowa...
keep readingThe Internal Revenue Service (IRS) issued final rules regarding the domestic production activities deduction 199A(g) (DPAD) Thursday. The IRS has made the decision to not allow the DPAD to apply to non-member-based business. The Office of Information and Regulatory Affairs (OIRA) completed its review of the final regulations under 199A(g) and plan to reveal guidance...
keep readingUnder the umbrella of payroll-related provisions providing relief to employers and employees in response to the coronavirus outbreak comes one more – the Presidential Memorandum (Memorandum) on deferring the employee portion of Social Security Tax (released August 8, 2020). The Treasury and the IRS then issued Notice 2020-65 (the Notice), released August 28, 2020, which...
keep readingIowa DPAD DeductionThe Tax Cuts and Jobs Act 2017 (TCJA) removed section 199 from the Internal Revenue Code (IRC), which created several unintended consequences. In response, Congress introduced Section §199A(g), which essentially re-instated the federal Domestic Production Activities Deduction (DPAD) deduction. As a result, the State of Iowa announced Tax Reform Guidance regarding the DPAD...
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