Newsletters

Tax Filing Reminders

February 28th Due date for payers to provide Forms 1099-MISC to recipients and to the IRS, other than Box 7 non-employee compensation due January 31 Forms 1095 are due to the IRS if paper filing (Note: Due date is April 1 if filing electronically) March 4th Due date for providers to send Forms 1095 to employee March 15th 2018 calendar-year S corporation income tax returns are due 2018 calendar-year partnership returns are due Deadline for calendar-year corporations to elect S corporation status for 2019 April 15th Individual income tax returns…

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2019 Limitations & Rate Updates

The following payroll caps and limitations have been updated for 2019: Social Security wage base increases from $128,400 to $132,900 401(k) maximum deferral is up $500 to $19,000 HSA contribution limits are increased to $3,500 per individual and $7,000 for a family FSA contribution limit is up $50 to $2,700 Federal income tax rates are unchanged for 2019 but the tax brackets have been indexed for inflation. Indexing has increased the income brackets by roughly 2% across the board. The income brackets for capital gains have also been increased slightly…

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Upcoming Conferences

Shareholders and employees of Stanfield + O’Dell attend and present at various meetings and conferences around the U.S. We invite you to join us at these events. January 9-10, 2019: Dunham + Company Ministry Summit – Scottsdale, AZ January 17, 2019: The Church Network Green Country Chapter at Southern Hills Baptist Church, 5590 S Lewis, Tulsa OK Jonathan Wish, Supervisory Senior Auditor, will be speaking on Auditing & Church Accounting February 20-21: C3 Conference – Hosted by Fellowship Church in Grapevine, TX

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Mileage Rates: Are You Over- or Under-Reimbursing Your Employees?

Many organizations use the IRS’s standard mileage rates to calculate deductible vehicle costs and reimburse employees. For 2019, the rate is 58 cents per mile driven for business. The standard rates offer simplicity, but if you use the same rate for all employees, across all geographic areas, some employees will be over-reimbursed and others will be under-reimbursed (which can result in litigation). The standard rate is based on national averages, and doesn’t account for gas prices and other variable costs that change over time, nor does it reflect costs (such…

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IRS Issues Standard Mileage Rates for 2019

The IRS has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2019, the standard mileage rates for the use of a passenger vehicle will be: 58 cents per mile driven for business use, up 3.5 cents from the 2018 rate 20 cents per mile driven for medical or moving purposes, up 2 cents from the 2018 rate 14 cents per mile driven in service of charitable organizations. Notice-2019-02 contains the…

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