The IRS recently issued adjusted mileage rates for the second half of 2011 (effective 7-1-11) due to rising gas costs earlier in the year. The new rates are as follows: Business vehicle usage: 55.5¢ per mile Medical vehicle usage: 23.5¢…
The IRS, February 8, 2011, announced a new 2011 Voluntary Disclosure Initiative (OVDI) for taxpayers to disclose their unreported offshore accounts. To participate in the OVDI, taxpayers must file or amend their tax returns and Form TD F 90-22.1 (Report…
The IRS has announced that it started processing on February 14 the 2010 tax returns of certain taxpayers who had previously been advised to delay filing, namely those filing Schedule A or claiming above-the-line deductions for state and local sales…
Under the 2010 Tax Relief Act employees will pay only 4.2% Social Security tax on wages up to $106,800 (which is the limit on taxable wages for Social Security tax purposes). The employer tax rate for Social Security remains unchanged…
The delay in filing the 2010 Form 1040 for many individuals previously mentioned by the IRS will be over on February 14, 2011. The delay impacts filers who will itemize on Schedule A or claim above-the-line deductions for higher education…
Most tax-exempt entities who were just above the threshold of being able to file the 990-N postcard in prior years will now have that luxury. For tax years beginning on or after January 1, 2010, most tax-exempt entities with less…
Beginning in 2011, taxpayers will no longer be able to make tax deposits (e.g. employment tax, excise tax, corporate income tax) using Form 8109, the Federal Tax deposit Coupon. These deposits must be made using the EFTPS (Electronic Federal Tax…
The IRS recently released the 2011 standard mileage rates below: -51 cents per mile for business miles driven -19 cents per mile driven for medical or moving purposes -14 cents per mile driven in service of charitable organizations -EAE
The senate has overwhelmingly passed the bill to extend the Bush era tax cuts. The house HAS NOT but it continues to appear they are likely to pass it----but not without significant added earmarks. A vote is still expected this…
The deadline for 2010 tax returns is April 18, 2011 due to a government holiday. Emancipation Day is a legal holiday in the District of Columbia and falls on April 15, 2011, therefore taxpayers have until April 18, 2011 to…