FAQ

For 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:

• 67 cents per mile for business miles driven
• 21 cents per mile driven for medical or moving expenses
• 14 cents per mile driven in service of charitable organizations

These rates apply to electric and hybrid-electric automobiles as well as gasoline and diesel-powered vehicles.

• For 2024, the elective deferral (contribution) limit for employees who participate in 401(k) is $23,000.
• For 2024, the catch-up contribution limit for those aged 50 and over is $7,500. Someone over 50 can defer $30,500 in this tax year.

The annual exclusion applies to gifts to each donee. For 2024, you may give up to $18,000 per donee without being required to file a gift tax return.

All nonprofit organizations except religious organizations are required to file an information tax return to the IRS annually. The type of informational return required varies depending on revenue, assets and other factors. Please contact us if you have specific questions on an organization’s specific requirements.

HRC can assist you in preparing and e-filing the Forms 1099/1096 for you once the pertinent information has been gathered.  We can also assist you in determining which of your vendors may need Form 1099 based on the type of service they are providing to you.  Our fee for preparing these forms will be in addition to your income tax preparation fee.

Another quick and inexpensive option is to use www.efilemyforms.com.  This is an online service that will file electronically to the IRS and mail a copy of the vendor’s 1099 to them starting at $4.29 per form with discounts for larger quantities.

Organizations that expend $750,000 or more in federal funding annually typically require a Single Audit under Uniform Grant Guidance (formerly A-133). Let us know if you have questions!