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IRS Increases Audit Examinations

by Michael W. Blitstein, CPA  The Internal Revenue Service has stepped up its examinations in the past year of taxpayers with high adjusted gross income. The IRS released its 2012 IRS Data Book on March 25th, providing a snapshot of agency activities for the fiscal year. The report describes activities conducted by the IRS between […]
March 27, 2013
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IRS Increases Standard Mileage Rate for 2013

by Michael W. Blitstein, CPA  Optional standard mileage rates for use of a vehicle will go up by 1 cent per mile for 2013.  Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. For business use of a car, van, pickup truck, or panel truck, the 2013 […]
January 7, 2013
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2013 Business Standard Mileage Rate Increases

by Michael W. Blitstein, CPA  The IRS has announced increases in both the optional business standard mileage reimbursement rate and the standard mileage rate for medical and moving expenses for 2013. All increased by one cent, to 56.5 cents and 24 cents per mile, respectively. Also showing a slight increase in 2013 is the maximum […]
November 30, 2012
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Tax Policies of the Major Presidential Candidates

by Michael W. Blitstein, CPA  On November 6, 2012, Americans will elect the occupant of the White House for the next four years. As President of the United States, the winner will play a major role shaping tax policy and possibly reforming the entire Tax Code. This briefing describes the tax policies of President Obama […]
October 30, 2012
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Illinois Small Business Jobs Creation Tax Credit Program

by Michael W. Blitstein, CPA  To help move the Illinois economy to a sustainable recovery, the Small Business Jobs Creation Tax Credit has been extended by Governor Quinn and the General Assembly with some new components. Effective July 1, 2012, new, full-time jobs created beginning July 1, 2012 to June 30, 2016 will be eligible […]
July 18, 2012
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IRS Expands Its Fresh Start Initiative; Provides Penalty and Installment Payment Relief

by Michael W. Blitstein, CPA  The IRS announced enhancements to its “Fresh Start” initiative by providing higher dollar thresholds for using the streamlined application process for installment agreements and new penalty relief for qualified individuals affected by the economy in 2011. The IRS doubled the dollar threshold amount and increased the maximum term for streamlined […]
April 16, 2012
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