Accounting News & Commentary
New Standard Mileage Rates Now Available; Business Rate to Rise in 2015
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,...
More IRS Tax Audits
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 new revenue...
Understanding the IRS
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...
Wages for S-Corporation Shareholders
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 S-Corporation can...
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