MinistryCPA - Corey A. Pfaffe, CPA, LLC

The IRS has issued 2024 standard mileage rates. These rates begin on January 1, 2024, and apply to the use of a car, van, pickup or panel truck. 67 cents per mile for business miles driven (up from 65.5 cents during 2023). 21 cents per mile for medical purposes (down from 22 cents in 2023). 14 cents per mile driven in service of charitable organizations (no change from 2023). More information is available on the IRS's  website .

Question: Are gifts to employees taxable? Answer: Almost every year, we receive this question or one similar to it. The end of the year and holiday season is a common time for employers to do something special for their employees, and the special treat normally comes in the form of some type of gift or bonus. In an employer's best efforts to avoid increasing their employee's taxable income, it is possible that IRS rules are being broken regarding the taxability of the gift. To determine the taxability of the gift, there are a couple of factors to keep in mind.  1. Is the gift cash or a cash alternative? If it is, then the gift would be viewed as compensation by the IRS. Cash alternatives include items such as gift cards, gift certificates, and other replacements that can be redeemed for some type item with a monetary value.  2. Would the item be considered a de minimis fringe benefit by the IRS? De minimis fringe benefits are benefits that the employee receives as part of thei...