2019 Mileage Rates
The Internal Revenue Service 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 Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 58 cents per mile for business miles driven, down from 54.5 cents for 2018
- 20 cents per mile driven for medical or moving purposes, down from 18 cents for 2018
- 14 cents per mile driven in service of charitable organizations
BREAKING NEWS Regarding the 20% Pass Through Deduction
The Department of the Treasury issued its final regulations providing clarity to the pass through 20% deduction. The final regulations indicate that the origination of a loan is not treated as purchasing securities for the determination of “dealing in securities”. As a result, mortgage bankers qualify for the 20% pass through deduction since they are not a specified service trade or business. Consult your tax professional to ensure this benefit is maximized on your company’s 2018 tax returns.
SAC Forms New Professional Alliance with 5X Solutions
Spiegel Accountancy Corp. has formed a professional alliance with 5X Solutions, a mortgage research, data analytics technology company. Spiegel Accountancy Corp. is the only accounting firm to have an alliance with the mortgage business intelligence company.
“Over the years our companies have enjoyed great synergies oftentimes working together for the same mortgage banker clients. We decided now was the perfect time to play off each other’s strengths and open the door to provide mortgage bankers with a wider variety of analytical tools coupled with the tax and audit intelligence of our experts,” stated Henry Chavez, Senior Audit Manager at Spiegel Accountancy Corp (SAC).
The collaboration combines SAC’s vast accounting acumen with 5X Solutions’ flagship business intelligence product, Telemetry MBI, to offer mortgage lenders unique financial solutions for optimized performance.
John Beneventi, Co-Founder, 5X Solutions said, “Having worked together in the past, our companies’ close relationship brings added service and benefit to our mutual clients. We’re looking forward to leveraging our collaborative efforts by providing the mortgage lending community with advanced financial solutions that improve measurement, management, and performance.”
About 5X Solutions
5x Solutions, LLC is an industry leader in research, data analytics, and technology with specific expertise in the mortgage industry. It offers clients both advisory and technology services that optimize resources, improve profitability and increase scalability. Using its cloud based Telemetry MBI-application, clients have 24/7 access to critical key performance indicators, metrics, and financial reports needed to measure and manage their company. Learn more at http://www.5xsolutions.com or http://www.telemetrybi.com