6.24.11 IRS Increases Standard Mileage Rate
  Due to rising fuel costs, the IRS announced it will increase the standard mileage rate for businesses to 55.5 cents per mile, effective July 1, 2011. The medical and moving mileage rate also increased to 23.5 cents per mile. The charitable rate is set by statute and remains at 14 cents per mile.
4.14.11 President Signs Legislation Repealing 1099 Information Reporting
  President Obama today signed into law H.R. 4 which repeals a provision of the Patient Protection and Affordable Care Act that would have required businesses to file an information return (generally Form 1099-MISC) for payments for goods and services aggregating at least $600 per year to a single payee (including corporations) beginning in 2012.
12.20.10 IRS Releases 2011 Withholding Tables
  On Friday the IRS released withholding tables for employers to use in 2011. The IRS delayed the release of these tables due to the uncertainy regarding the Bush-era tax cuts. Click here for Notice 1036.
12.17.10 President Signs New Tax Legislation
  Today the President signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. Significant provisions include the extension for two years of the current individual income, capital gains, and dividends tax rates; a two percent payroll tax cut; temporary changes to the estate tax; and the extenion of fixed asset expensing rules. Contact JRS with any questions on this landmark legislation.
12.15.10 Interest Rates Decrease For First Quarter 2011
  Interest rates for the first quarter beginning January 1, 2011 will drop by one percentage point when compared to the rates fore the previous quarter, the IRS recently announced. The interest rates for January 1, 2011 through March 31, 2011 will be 3% for non-corporate underpayments and overpayments, 2% for corporate underpayments and overpayments, and 5% for large corporate underpayments and overpayments.
12.9.10 IRS Delivers Tax News On Twitter
  The IRS recently announced it is now using the social media network Twitter to deliver tax news to taxpayers and practitioners.The IRS has three Twitter feeds. @IRSnews provides federal tax news. @IRStaxpros is for practitioners. @IRSenEspanol is targeted to Spanish-speaking taxpayers and practitioners.
12.3.10 IRS Announces 2011 Standard Mileage Rates
  The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 51 cents for business mileage, 19 cents for medical or moving mileage, and 14 cents for charitable mileage.