The 2013 standard mileage rates are set at 56.5 cents per mile for business transportation or travel, 24 cents per mile for medical care, and 14 cents per mile for charity purposes. The 2012 rates are 55.5 cents per mile for business transportation or travel, 23 cents...
Interest Rates Remain the Same for the First Quarter of 2013 The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be: • three (3) percent for overpayments [two (2) percent in...
The US Supreme Court determined that IRS Appeals Officers do not serve judicial functions. Therefore, they are expected to be biased IRS employees rather than independent judges. This decision is not surprising because Appeals Officers are just IRS employees with...
The following are the latest items the IRS focuses on for Tax Audits: 1. Company Cars – Employers frequently don’t report the taxable benefit that employees receive from their personal use of company-owned cars. The IRS plans to focus on the use of company cars,...
Expiring Tax Cuts Here are some of the tax cuts that are scheduled to expire on December 31, 2012 if Congress does not take action before then: The maximum federal income tax rate on most 2013 long-term gains from real property sales is scheduled rise from the current...
NY, NJ and Connecticut are leading in a massive State Government effort to attack retail businesses. They use the reports from debit and credit card sales mined from individual’s data to attempt to match the sales shown on the business tax returns. Reuters reports: By...
Tax Implications of High Salaries and Benefits Rather than have perks come under scrutiny by shareholders, or in some other public forum, some organizations decide to simply pay higher salaries to executives. However, different entities must be careful about...
It has been estimated that in the next five years or so, more than $5 trillion in value of small businesses will be changing hands. In the next 10 to 15 years, the estimate rises to $14 trillion. The main reason driving this is, of course, the aging of the Baby Boomer...
Gay/Lesbian Married Couples may get same Estate Tax Treatment as Heterosexual Couples Edith Schlain Windsor v. U.S. (DC NY 6/6/2012) A Federal District Court in New York ruled in favor of a surviving same-sex spouse’s constitutional challenge to section 3 of the...
Form 8938 – Foreign Financial Asset Reporting The IRS has released new information about assets that must be reported on Form 8938, Statement of Specified Foreign Financial Assets, This form is part of the Obama Administration’ attack on taxpayers with undisclosed...