by Anthony Imbimbo | Jan 6, 2015 | Business Income Tax, Individual Income Tax
IR-2014-114, Dec. 10, 2014 WASHINGTON — The Internal Revenue Service today issued the 2015 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,...
by Anthony Imbimbo | Oct 3, 2011 | Tax Audit
Taxpayers, you have been warned. The IRS requested a 5.33% increase in enforcement activities (examinations, collections, and investigations) for the government’s fiscal year 2011. Increases in the federal government’s budget have allowed the IRS to hire...
by Anthony Imbimbo | Oct 3, 2011 | Individual Income Tax
What words come to your mind when you think of the IRS? Perhaps strict, unsympathetic, uncompromising, or merciless? That is actually just fine with them. The IRS prides themselves on such a self-image, because somehow it gets them what they want. The combination of...
by Anthony Imbimbo | Sep 21, 2011 | Business Income Tax
Many businesses elect the S-Corporation status in order to avoid double taxation on corporate income and losses, which actually then “flow-through” to the shareholders’ personal tax returns and are assessed at individual income tax rates. However, an...
by Anthony Imbimbo | Sep 19, 2011 | Individual Income Tax
Dealing with the loss of a loved one is no doubt an emotionally taxing experience for all of us. Important concerns surface when confronted with resolving issues regarding the last wishes of the deceased and necessary final expenses. For instance, what will become of...
