This post is also available in: Français (French)
The IRS issued notice 2020-5, updating optional standard mileage rates for business a vehicle. As of January 1, 2020, the standard mileage rates of cars, vans, pickups or panel trucks are as follows:
Remember, under the Tax Cuts and Job Act, taxpayers can’t claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. The same applies for a deduction for moving expenses unless a member of the Armed Forces on active duty and moving under orders to a permanent change of station.
The standard mileage rate of business use is based on a yearly study of the fixed and variable costs of operating an automobile, The rate for medical and moving purposes depends on the variable costs. Taxpayers also have the option of calculating the actual costs of using their vehicle as opposed to using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming Section 179 for that vehicle.
For more information: click here
UHY Victor is taking action to maintain the health and welfare of our team, our clients and support communal efforts to respond to the coronavirus pandemic.
UHY Victor will remain open during this difficult period and client services will continue. We have implemented contingency plans which allow us to continue to operate as we all deal with the spreading pandemic.
In light of the present situation we have introduced the following measures:
UHY Victor will continue to monitor the changing situation and, will respond proactively as this major health challenge evolves.
We encourage all to stay informed and to visit the Public Health Agency of Canada COVID-19 site, and follow the guidelines set out by the government of Canada:
For more information on the guidelines of the Government of Canada on how to be prepared for COVID-19: Click here.