The Internal Revenue Service today issued the 2006 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.Beginning Jan. 1, 2006, the standard mileage rates for the use of a car (including vans, pickups...
The new Medicare Prescription drug benefits are confusing and state specific. A plan that is great in New Jersey may be not so good in Pennsylvania. AARP has a free online brochure that does a pretty good job of addressing the general issue. Click here...
As a response to the political pressure of banks and credit card companies, Congress passed the new Bankruptcy Law with many onerous provions to prevent debtors from being discharged. Most debtors will be forced into a payment plan, Chapter 13, rather than a discharge of...
Senate Democrats on November 15, 2005 blocked extension of the reduced tax rates on capital gains and dividends. The provision called for capital gains and dividends to continue to be taxed through 2009 at 15 percent (5 percent for low and middle-income taxpayers, reduced to...
Paypal Names Names As IRS Chases Tax EvadersPayPal, the internet money-transfer arm of eBay, is to disclose the identity of customers who use the service to evade paying US taxes.The US Internal Revenue Service (IRS) is demanding records of customers using PayPal through offshore accounts...
The IRS has issued final, temporary and proposed regulations pertaining to the simplification of procedures for obtaining automatic extensions oftime for filing certain returns.The regulations:(1) extend from four months to six months the period for which individuals may obtain anautomatic extension of time; (2) extend...
===========Question: ===========1. If there are multiple names on checking accounts, bank statements, CD's, etc. and one of those parties is not a functioning party, can the state take that part of their money if that party needed the state to take care of them?2....
At a November 3, 2005 press conference, IRS Commissioner Mark W. Everson reported that audits of high-income taxpayers, corporations and small businesses jumped dramatically in 2005. He proudly proclaimed IRS audits are "reaching the highest level in years for individuals and corporations." Everson said that...
The Presidential Panel on Tax Reform proposed a complete overhaul of the Internal Revenue Code. The purpose would be to simplify the tax compliance process while collection the same taxes. Under the panel's plan, most deductions, credits and other tax breaks would be eliminated along...
The US Supreme Court refused to hear an appeal from a Tennessee resident who telecommuted for a New York company. Even for the time the worker was not in NY, the Empire State taxed his wages. This certainly discourages telecommuting for NY companies and suggests...