by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has announced that the optional mileage allowance for owned or leased autos – including vans, pickups and panel trucks – will remain at 55.5 cents per mile for business travel after 2011. The rate is unchanged from the July 1, 2011, midyear adjustment....
by apexcpas | Jul 4, 2018 | Tax Planning
Are you planning to make year-end gifts? Every person can give any other person up to $13,000 for 2011 without incurring any gift tax. The annual exclusion amount increases to $26,000 per donee, or recipient, if your spouse consents to gift splitting. Annual exclusion...
by apexcpas | Jul 4, 2018 | Tax Planning
The Obama administration has decided not to let the Grinch steal Christmas this year, according to White House spokesman Matt Lehrich. The United States Department of Agriculture has decided to delay implementation of a program that could have raised the price of...
by apexcpas | Jul 4, 2018 | Tax Planning
For 2011, employers in 23 states and the Virgin Islands could suffer a credit reduction on their Federal Unemployment Tax Act tax returns. Under the provisions of the Federal Unemployment Tax Act (FUTA), a tax is levied on employers covered by the Unemployment...
by apexcpas | Jul 4, 2018 | Tax Planning
Anyone who has set up a Section 529 plan to help pay for the education of a family member should be aware of the plight of Timothy Karlen, as described in a recent Tax Court case. Timothy Karlen was experiencing financial difficulties. On Sept. 4, 2008, he took...