The Blog

Standard Mileage Rates Go Down Slightly in 2014

“Optional standard mileage rates for use of a vehicle will go down by one-half cent per mile for 2014, the IRS announced on Friday. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. For business use of a car, van, pickup truck, or panel truck, the 2014 rate

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IRS Almost Powerless to Enforce Health Care Penalties

“Although the U.S. health care law imposes penalties on people who fail to buy health insurance, the Affordable Care Act prohibits the Internal Revenue Service from using most of its customary techniques for collecting the money. The IRS could deduct the penalty from a tax refund but it can’t file a lien against a taxpayer’s

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Social Security Wage Base Rises to $117,000 For 2014

“On Wednesday, the Social Security Administration (SSA) announced that the wage base above which taxes for old age, survivors, and disability insurance (OASDI) are not due will increase from $113,700 to $117,000 in 2014. The new rate means employees will pay a maximum of $7,254 of OASDI in 2014, with employers paying an equal amount.

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Fed Continues Stimulus as Economic Recovery Falters

“The Federal Reserve said it will stand by monetary stimulus until it sees evidence that the U.S. economy can recover without help. The Federal Open Market Committee’s decision means that the central bank will continue to buy Treasurys and mortgage-backed securities at a rate of $85 billion a month. The statement has analysts divided on

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Obama Signs Bill to Avert Default and Reopen Government

One day before the U.S. was set to default on debt, the Senate and House voted in late-night sessions to raise the debt limit through Feb. 7 and reopen the government for business. President Barack Obama signed the bill shortly after midnight, and federal employees were called back to work. The measure allows the government

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Individual Tax Breaks Expiring Year End 2013

“It may be your last chance to snag a tax credit for making green home renovations or buying an electric vehicle, or to partake in other popular tax breaks that are expiring at year-end 2013 if Congress doesn’t act to extend them. Get an electric vehicle. A tax credit for certain 2 or 3 wheeled electric

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Final Rules Require EIN Updates

“On Friday, the IRS issued final regulations requiring taxpayers that obtain employer identification numbers (EINs) to update their information with the IRS (T.D. 9617). The regulations, which will apply beginning Jan. 1, 2014, to give the IRS time to publish the relevant form and instructions, adopt without change proposed regulations that were issued last year

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Accounting and Superhero Fun

Now that tax season is over we’ve decided it’s time to have a little more fun.  Ever wonder how much it costs to be a superhero or who incurs the biggest expenses? Well wonder no more, below is an info-graphic comparing Batman and Iron Man!  

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IRS Decides to Shut Down Completely on Furlough Dates

Acting IRS Commissioner Steve Miller announced that the IRS will close “all public-facing operations,” including toll-free operations and Taxpayer Assistance Centers, on May 24, June 14, July 5, July 22, and August 30, with another two days of closings possible in August or September, in response to the budget cuts from sequestration…. (read more here)

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What To Do If Your Refund Is A Different Amount

“Most of us get refund checks at tax time. And most of the time, those refunds are just what we had been eagerly awaiting.   But occasionally, the amount on an Internal Revenue Service check is not what we expected. In some cases, it’s less than we figured on our 1040’s. Every now and then,

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