From the Journal of Accountancy website: Optional standard mileage rates for use of a vehicle will go up by 1 cent per mile for 2013, the IRS said Wednesday in Notice 2012-72. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. To read the rest of the […]
IRS Data Shows that Businesses Will Bear Brunt of Obama’s Tax Hike
From the Tax Foundation website: Today, President Obama renewed his call for allowing the Bush-era tax rates to expire for families earning over $250,000 while extending the lower rates for taxpayers below that threshold. The president and his economic team tend to dismiss the impact that such as tax hike will have on business activity […]
Can the Internal Revenue Service Do It All?
From the Boston.com website: Can the Internal Revenue Service police President Barack Obama’s health care mandate while simultaneously collecting all the taxes for running the federal government? The question is being renewed in the wake of the Supreme Court’s decision upholding most of the 2010 Affordable Care Act as a tax issue rather than one […]
2013 Planning for 3.8% Medicare Surtax
From the Wealth Management Insights website: The Patient Protection and Affordable Care Act (“Act”) was signed into law by President Obama on March 23, 2010. While certain elements of the legislation have already begun to take effect, one in particular won’t begin until January 1, 2013. Still, individuals and fiduciaries alike should be mindful of […]
Test Your Fraud IQ
From the Journal of Accountancy website: The inherent and evolving risks in the banking environment—especially concerning online transactions—command that account holders keep abreast of threats to their accounts, understand their rights and responsibilities as account holders, and take appropriate security measures to protect themselves from fraudulent bank account activity. Are you prepared to help your […]
Start Planning Now for Next Year's Tax Return
From the IRS website: The tax deadline may have just passed but planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time, money and headaches in 2013. Here are eight things you can do now to make next April 15 easier. To read the rest […]
