On March 1, 2021, the Internal Revenue Service (IRS) issued 30 Dec Final Regulations Issued for Transportation Fringe Benefits
On Dec. 16, 2020, The U.S. Treasury Department and Internal Revenue Service published final regulations on the deduction for qualified transportation fringe (QTF) expenses, following changes made by the Tax Cuts and Jobs Act (TCJA).
The final regulations became effective upon publication and replace proposed regulations and interim guidance provided in IRS Notice 2018-99.
30 Dec IRS Announces 2021 Standard Mileage Rates
On Dec. 22, 2020, the IRS issued the 2021 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The 2021 standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
18 Dec IRS Adds, Updates FAQs on FFCRA Tax Credits
The IRS has added or updated more than 80 answers to questions in its series of FAQs on “COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses.”
The changes affect questions in all 13 of the subtopics covered by the FAQs.
Refundable tax credits are available to businesses for employee paid leave taken under the federal Families First Coronavirus Response Act (FFCRA), enacted in March 2020 and effective through Dec. 31, 2020.