Category Archives: IRS

2009 Mileage Rates

Posted on November 25, 2008 by Russ

The IRS released the 2009 standard mileage rates today: $0.55/mile for business $0.24/mile for medical/moving $0.14/mile for charity Note that you should keep a written mileage log. The current business mileage rate is $0.585/mile (it was $0.505/mile through June).

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2009 Inflation Adjustments

Posted on October 19, 2008 by Russ

Now that 2007 tax returns are complete it’s time to begin thinking about 2008 and 2009. The IRS announced this past week inflation adjustments for 2009: – Personal exemptions will increase from $3350 in 2007 to $3500 in 2008 to … Continue reading →

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Deadlines Extended for Hurricane Ike Victims

Posted on September 12, 2008 by Russ

The IRS announced late this afternoon that filing deadlines for corporate taxes and estimated taxes due September 15th have been extended at least one week in impacted areas. The IRS announcement notes, “Affected taxpayers can mark paper tax returns with … Continue reading →

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Interest Rate Changes

Posted on September 1, 2008 by Russ

While interest on underpayments to the IRS will increase to 6% from 5% in the third quarter, interest on underpayments to California will fall from 7% to 5% as of January 1st. Corporate underpayment interest in California will fall from … Continue reading →

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IRS Suspends ISO AMT Through September 30th

Posted on September 1, 2008 by Russ

The IRS announced last week that they would suspend collection of the Alternative Minimum Tax (AMT) on incentive stock options (ISOs) through September 30th. Senator Charles Grassley (R-IA) believes that legislation will clear Congress by month-end to reduce the tax … Continue reading →

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K-1 Extension Deadline Changes in 2009

Posted on July 1, 2008 by Russ

One of the more vexing problem tax professionals have is preparing returns for individuals who have a partnership interest where the partnership extends the deadline for filing their K-1s. The extension currently is six months, so a partnership can legally … Continue reading →

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Mileage Rates Increase

Posted on June 23, 2008 by Russ

The IRS announced today that mileage rates will increase on July 1st. The new business mileage rate is $0.585/mile (up from $0.505/mile); the new medical and moving mileage rate is $0.27/mile (up from $0.19/mile). The charitable mileage rate is unchanged—it … Continue reading →

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Emmigration Just Got More Costly

Posted on May 29, 2008 by Russ

If you want to give up your US citizenship, prepare to pay the IRS. As the Wall Street Journal reported on Tuesday, Congress has modified how individuals who renounce their citizenship will pay taxes. If you have a net worth … Continue reading →

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The IRS Enters the YouTube Age

Posted on March 26, 2008 by Russ

Linda Stiff, Deputy Commissioner of the IRS, speaks to Americans that they may need to file a tax return in order to get the stimulus/rebate payment. Here’s the video:

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When You’re Getting Your Tax Rebate (Stimulus) Check

Posted on March 17, 2008 by Russ

The IRS today released the schedule of when the stimulus payments will be received: By Direct Deposit: Last Two SSN Digits Payment Will be Transmitted By: 00 through 20 May 2 21 through 75 May 9 76 through 99 May … Continue reading →

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