In our Annual Summary of Tax Law Changes, we have included changes that may affect your 2011 tax filing, tax provisions that will expire after 2011, and changes that will affect your 2012 taxes. Hopefully this will help you with some last minute tax planning for 2011 and projections beyond 2011. We expect some significant [...]
During tax time we always ask our clients if they have financial accounts in a foreign country. We do this for a very good reason. There are strict reporting requirements if you have assets in a foreign account. More specifically, you must file a Form TD F 90-22.1 with the Department of Treasury if: You [...]
Tags: Foreign Accounts
We have been busy this summer responding to an extraordinary increase in correspondence from the IRS. With a tax gap of over $350 billion per year and increased congressional funding for IRS enforcement efforts, the IRS appears to be stepping up efforts to enforce collections and close some of the tax gap. According to an [...]
The Internal Revenue Service is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel. The revised standard mileage [...]
Tags: Standard mileage rate
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