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IRS and the mileage rate increase
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The last time we saw a steep increase in gas prices at the pump, the IRS helped ease the pain with an increase in the allowable standard mileage deduction/reimbursement rates. There was a mid-year mileage rate adjustment in 2005, and another one in 2008.
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$12.1 million in Fraud under one EFIN?
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Goodness! The IRS seems to have recovered about $1.5 million or so of the stolen money according to a Forbes article. Will they ever recover the other $10 million? Do they even know who is behind this fraud?
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Where Should Your Company Relocate or Invest?
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If your company is, or has been looking to relocate or invest in new operations and is not sure where to begin, then you may find the recent study put together by the Council On State Taxation (COST) and Ernst & Young, LLP extremely informative.
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Roundup of tax software reviews
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Are you disappointed with the tax software you've been using? Have you outgrown your program? Have your needs changed? For whatever reason, are you in the market for new tax software? Here's a small collection of tax software reviews from around the 'net – the results of these reviews might make your decision easier.
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Certain members of Congress have taken it upon themselves to encourage the IRS to make a mid-year adjustment in the standard mileage rate used for deductions and reimbursements. This wouldn't be the first time the IRS stepped up and lowered the rate when prices at the pump escalated.
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Best wishes,
Gail Perry, CPA
Editor-in-Chief
editor@accountingweb.com
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