Rea & Associates announces that certain mileage rates have changed for unreimbursed employee expenses, as a result of the recent Tax Cuts and Jobs Act.
Mentor, OH -- (SBWIRE) -- 08/03/2018 -- In a helpful public service reminder, Rea & Associates recently announced that the Tax Cuts and Jobs Act (TCJA) has effectively impacted mileage rates for unreimbursed employee expenses. According to the company, taxpayers are set to see a change in standard mileage rates, due to the suspension of the itemized deduction under code § 67 for unreimbursed employee business expenses and deductions for moving expenses under code § 217 from 2018 to 2025 outlined in the TCJA. According to Rea & Associates, the recent IRS notice states that the standard mileage rates will not apply to unreimbursed employee expenses and moving expense purposes.
A spokesperson with Rea & Associates went on to share some exceptions to this rule. According to the company, members in certain performing arts positions will be able to deduct mileage expenses as an above-the-line deduction on their Individual Income Tax Return. The company also shared that, regarding moving expenses, exceptions will be made for active members of the U.S. Armed Forces, who are required to move as a result of a military order.
Rea & Associates also announced that the TCJA has changed the depreciation allowances for passenger vehicles. According to the company, the maximum standard cost under a fixed-and-variable-rate (FAVR) plan has increased. Rea stated that the TCJA has changed the maximum standard automobile cost under a FAVR plan from $27,000 for cars and $31,000 for vans and trucks to $50,000 for all vehicles (including vans and trucks).
According to the firm's spokesperson, the firm's leadership believes it's important that taxpayers are aware of this information. The company can be followed at https://www.facebook.com/reacpa.
Born out of the hardships of the Great Depression, Rea & Associates has been providing financial advice and business insight since 1933. Today, the firm employs a team of more than 300 accountants, business consultants and professionals who provide a range of accounting services to companies and individuals throughout Ohio.
Reviews for the Mentor accounting firm can be found at https://www.google.com/maps/place/Rea+%26+Associates/@41.67462,-81.3413647,17z/data=!3m1!4b1!4m5!3m4!1s0x0:0x6bd3a193334814fa!8m2!3d41.67462!4d-81.339176?hl=en.
Rea & Associates
Becca Davis
7201 Center Street Mentor, OH 44060
440-266-0077
https://www.reacpa.com/mentor-cpa-firm/