IRS closer to obtaining virtual currency records U.S. taxpayers who have traded in virtual currencies such as bitcoin, but have not reported and paid tax on the income or gains from those transactions, may face the heat as the IRS continues to press for greater tax compliance in the virtual currency arena. Some taxpayers may… Read More

Social Security Payments to Increase 1.3 Percent in 2021 Social Security recipients will get a 1.3 percent cost-of-living adjustment (COLA) in their monthly benefit payments starting in January 2021, the lowest increase since 2017. The average recipient will receive $1,543 a month, up from $1,523 in 2020. The 2021 COLA will be crimped by higher… Read More

Beginning January 1, 2021, standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven, down from 57.5 cents in 2020 16 cents per mile driven for medical or moving purposes, down from 17 cents in 2020 14 cents per mile… Read More