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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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IRS Issues Guidance on Expanded Work Opportunity Tax Credit

by Michael W. Blitstein, CPA  The IRS has released guidance and posted online Frequently Asked Questions (FAQs) for employers planning to claim the enhanced Work Opportunity Tax Credit (“WOTC”) for hiring qualified military veterans.  The guidance contains transition relief, describes electronic submission of the form used to claim the credit and describes the procedures for […]
March 30, 2012
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Court Upholds Treatment of S Corporation Dividends as Compensation

by Michael W. Blitstein, CPA  The Eighth Circuit Court of Appeals has affirmed a Federal district court decision holding that a portion of the dividends paid to an employee-owner of professional services firm was compensation for services. As a result, the taxpayer earned additional wages and owed additional Social Security taxes. Taxpayers and the IRS […]
March 27, 2012
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IRS Issues 2012 Vehicle Depreciation Dollar Limits

by Michael W. Blitstein, CPA  The IRS has issued limitations on depreciation deductions for owners of passenger automobiles, light trucks, and vans first placed in service during calendar year 2012.  Generally, depreciation deduction limits for calendar year 2012 are $100 more than the limits for calendar year 2011. For 2012, the depreciation dollar limits also […]
March 22, 2012
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IRS Releases New Deductible Mileage Rates

by Matthew Bergman, CPA The IRS has released the 2012 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The 2012 standard mileage rate remains at 55.5 cents per mile for […]
December 13, 2011
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