by mariettacp | Jul 29, 2011 | Accounting News, Money Tips, Tax Tips
Under IRS regulations, businesses that trade in machinery or equipment for which they claimed bonus depreciation may qualify for another bonus depreciation deduction on the remaining depreciable basis if they swap for like-kind property that also is eligible for bonus...
by mariettacp | Jul 27, 2011 | Accounting News, Money Tips, Tax Tips
Beginning July 1, 2011, the 0.2% federal unemployment tax (FUTA) surtax is no longer in effect. Thus, the FUTA tax rate, before consideration of state unemployment tax credits, is now 6.0%. Employers need to separately track FUTA taxable wages paid before July 1,...
by mariettacp | Jul 25, 2011 | Accounting News, Money Tips, Tax Tips
The IRS has announced that the optional mileage allowance for owned or leased autos (including vans,pickups or panel trucks) is increased 4.5¢ from 51¢ to 55.5¢ per mile for business travel from July 1, 2011 to Dec. 31, 2011 to better reflect the real cost of...
by mariettacp | Jul 22, 2011 | Accounting News, Money Tips
It’s clear that the IRS has turned to technology to boost compliance. And with more than 200 million notices on the way again this year, practitioners can expect more clients to look to them for support. To provide value all year long, firms need to manage their...
by mariettacp | Jul 18, 2011 | Accounting News, Money Tips
In a recent speech, IRS Commissioner Doug Shulman indicated that the IRS is also looking ahead, analyzing taxpayer compliance data to recognize trends and improve compliance practices. He explained that the agency created an office of compliance data analytics that...
by mariettacp | Jul 15, 2011 | Accounting News, Money Tips
Meet the new IRS. It’s the kinder, gentler IRS. It’s an agency with processes that are fast becoming structured, streamlined, and strangely quiet. Quiet, that is, except on paper. More Internal Revenue Service notices are going out to taxpayers than ever...
