News Archive
IRS issues new regulations on business vehicles
Filed Under: Business, IRS Regulations on August 06, 2004
New IRS regulations will allow more business vehicles to be depreciated within the standard five-year period that applies to most business equipment.
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IRS reminds tax-exempt groups to stay out of politics
Filed Under: IRS Regulations on August 06, 2004
As the fall elections approach, tax-exempt organizations need to be aware that they are not permitted to engage in political campaign activities. The IRS stated in a news release that organizations that are tax-exempt under Section 501(c) of the tax code risk losing their exempt status if they endorse any candidate, make donations to campaigns, do fund raising, distribute campaign fliers, or take part in any other activity that is beneficial or detrimental to any candidate.
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More business vehicles are excluded from depreciation limits
Filed Under: Business, IRS Regulations on August 20, 2004
The IRS has issued regulations that will allow more business vehicles to be depreciated within the standard five-year period that applies to most business equipment. The change comes in response to complaints that vans and light trucks used by small businesses were often subject to the depreciation limits on “luxury vehicles,” a tax provision intended to limit annual deductions for expensive business cars.
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Does selling on eBay interest the IRS?
Filed Under: IRS Regulations on October 27, 2004
You've set your price, uploaded a photo, and established an account so you can accept online payment. Now you’re ready to sell the antique clock you inherited from your mother’s sister. If you’re successful, tomorrow you might just auction off those power tools that are cluttering up the garage. You’re a “socia.” seller, making a few dollars disposing of unused personal property via an Internet marketplace. No need for the IRS to get involved. Or is there?
Mileage rates change for 2005
Filed Under: Business, Taxes, IRS Regulations on December 05, 2004
The standard mileage rate for business driving will increase starting January 1, 2005. The rate goes to 40.5˘ a mile, a 3˘ increase over the 2004 rate of 37.5˘ a mile. When the 40.5˘ mileage rate is used for a business car, the amount that will be considered as depreciation (for determining remaining tax basis in the car) is 17˘ a mile.
New Business: IRS increases standard mileage rates
Filed Under: IRS Regulations on September 29, 2005
On September 9, the IRS announced an increase in the optional standard mileage rates for the last four months of 2005. For business miles driven between September 1 and December 31, 2005, the rate increases to 48.5 cents a mile, up from 40.5 cents a mile for the previous eight months of 2005.
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Tax relief follows recent hurricanes
Filed Under: IRS Regulations on October 03, 2005
The Hurricane Katrina Tax Relief Act of 2005, signed by
President Bush on September 23, provides tax help not
only to the victims of the recent disaster but also to
those assisting in the recovery efforts. Here’s a quick
summary of the main tax provisions in the new law, some
of which may affect you.
What’s New: IRS announces changes
Filed Under: IRS Regulations on November 01, 2005
* New form for vehicle contributions. The IRS has created Form 1098-C, a new form that is to be used by charities to report taxpayer contributions of vehicles, boats, and airplanes. Copy B or C of the form can be used to provide the taxpayer with substantiation of his donation to the charity.
The IRS adjusts business mileage rates again
Filed Under: IRS Regulations on January 05, 2006
Yes, you’ll have to reset your mileage reimbursement
for business driving again. If your company reimburses
employees using the IRS standard mileage rate for
business driving, you need to adjust the amount to
44.5˘ per mile, effective January 1, 2006.
Reimbursements exceeding that rate will be taxable
income to your employees, and payroll taxes are due on
the excess amount.
You might be getting an extra tax refund
Filed Under: IRS Regulations on October 06, 2006
If you paid for long-distance telephone service between
March 2003 and July 2006, you very likely were charged
a federal tax on your telephone bill. Recently, the
courts have decided that this tax should not have been
levied, and the IRS has come up with a plan to refund
these taxes to taxpayers.
New Business: IRS announces mileage rates for 2007
Filed Under: IRS Regulations on November 29, 2006
The IRS has issued the 2007 standard mileage rate that businesses can use to calculate the deductible costs of driving an automobile for business.
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Formula for telephone tax refund is announced by the IRS
Filed Under: IRS Regulations on December 06, 2006
After losing several court challenges to charging an
excise tax on long-distance telephone service, the IRS
is no longer assessing the tax. In May of 2006, the IRS
announced that it will refund the tax paid by individuals,
businesses, and tax-exempt organizations during the 41
months from March 2003 through July 2006.
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IRS launches new audit program
Filed Under: IRS Regulations on October 15, 2007
Starting this month, the IRS plans to audit about 13,000 individual tax returns for tax year 2006. These audits are part of a research project to update the IRS’s audit selection process.
IRS pumps up standard mileage rates
Filed Under: IRS Regulations on July 07, 2008
Due to rising gas prices, the IRS has increased the
”.tandard mileage rat.” for business drivers in 2008.
You may qualify for a tax break when you sell vacant land
Filed Under: IRS Regulations on September 29, 2008
You probably know that you can exclude up to $250,000 of gain ($500,000 for most joint filers) when you sell your principal residence. IRS regulations may now allow you to apply this gain exclusion when you sell vacant land that is adjacent to your home.
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New rules in 2010 open Roth IRA conversions to everyone
Filed Under: IRS Regulations on November 25, 2009
Beginning in 2010, the rules governing Roth IRA conversions will undergo a significant change.
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Save it or shred it? Some recordkeeping tips
Filed Under: IRS Regulations on May 05, 2010
Once you’ve filed your 2009 tax return, you may wonder
which records you should keep and which ones you can run
through the shredder. Here are a few suggestions.
House extends tax cuts; Senate to act in June
Filed Under: IRS Regulations on June 04, 2010
Before taking its week-long Memorial Day recess,
Congress tried to complete legislation that would have
extended tax breaks that had expired at the end of 2009.
However, concern over the cost of the bill slowed the
process down in the House. Finally on May 28, the House
passed the “American Jobs and Closing Tax Loopholes Act.”
The Senate expects to take up the bill when it returns
to Washington after the Memorial Day recess on June 7.
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