Month: November 2012

2013 Standard Mileage Rates Up 1 Cent per Mile for Business, Medical and Moving

WASHINGTON — The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an [...]

IRS Strengthens Integrity of ITIN System; Revised Application Procedures in Effect for Upcoming Filing Season

WASHINGTON –– The Internal Revenue Service announced today updated procedures to strengthen the Individual Taxpayer Identification Number (ITIN) [...]

Annual State-Local Tax Burden Ranking

Introduction For nearly two decades the Tax Foundation has published an estimate of the combined state and local tax burden shouldered by the residents of [...]

S Corporation Shareholders: Is it Time to Consider Accelerating Income Into 2012?

You may not realize this, but there’s far more at stake in next month’s presidential election than the fate of national security, gay marriage and [...]

Paid FICA Taxes on Severance Pay? Claim a Refund Now

In these troubling economic times, your company may have made financially significant severance payments to employees who were involuntarily separated due to [...]

Amended Return Will Not Automatically Trigger Audit, IRS Manager Says

Taxpayers filing an amended return generally do not increase their chance of being audited, an IRS manager said on October 19. Russell Renwick, IRS group [...]

Should You Grab Pay In 2012 Or Defer ‘Til 2013?

Conventional wisdom says always pay tax later. That means delaying income into January when you can. But climbing rates and uncertainty cut the other [...]

Audit Techniques for Hobby Losses

“Activities not Engaged in for Profit” or, in layman’s terms, hobbies, tend to be a red flag at the IRS. Many taxpayers have hobbies that earn a bit [...]

How to Properly Write Off Bad Business Debt

  A client, let’s call her Amy, came into my office and told me her sad story about a sale she had made. She did the work but the client [...]

WHY USE AN ENROLLED AGENT?

Not all paid return tax practitioners are equal! This IRS chart outlines the different levels of testing, continuing education requirements, unlimited [...]