by Michael W. Blitstein, CPA Shortly before President Obama unveiled his proposed fiscal year 2015 Federal budget on March 4th, House Ways and Means Chair Dave Camp (R-Mich.), introduced a sweeping tax reform bill. While President Obama did not call for such a mammoth overhaul of the Tax Code as Camp did, the President did […]
Accounting News
by Michael W. Blitstein, CPA Legislation to extend the group of expiring provisions commonly known as “tax extenders” will not be considered by Congress in 2013. House lawmakers will begin their winter district work period on December 13th, but tax extender legislation is not on the legislative floor schedule and no markup is planned in […]
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 […]
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 […]
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 […]
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 […]