2008 IRS Standard Mileage Rates

From 1/01/2008 to 6/30/2008
IRS Medical Mileage Rate     $0.1900
IRS Moving Mileage Rate     $0.1900
IRS Business Mileage Rate     $0.5050
IRS Charitable Mileage Rate     $0.1400

From 7/01/2008 to 12/31/2008
IRS Business Mileage Rate     $0.5850
IRS Charitable Mileage Rate     $0.1400
IRS Medical Mileage Rate     $0.2700
IRS Moving Mileage Rate     $0.2700

SEC Proposes Rules Requiring Companies to Adopt Clawback Policies on Executive Compensation

Under the proposed new Rule 10D-1, listed companies would be required to develop and enforce recovery policies that  in the event of an accounting restatement, “claw back” from current and former executive officers incentive-based compensation they would not have received based on the restatement.  Recovery would be required without regard to fault.  The proposed rules would also require disclosure of listed companies’ recovery policies, and their actions under those policies.

Under the proposed rules, the listing standards would apply to incentive-based compensation that is tied to accounting-related metrics, stock price or total shareholder return.  Recovery would apply to excess incentive-based compensation received by executive officers in the three fiscal years preceding the date a listed company is required to prepare an accounting restatement.

Each listed company would be required to file its recovery policy as an exhibit to its annual report under the Securities Exchange Act.  In addition, a listed company would be required to disclose its actions to recover in its annual reports and any proxy statement that requires executive compensation disclosure if, during its last fiscal year, a restatement requiring recovery of excess incentive-based compensation was completed, or there was an outstanding balance of excess incentive-based compensation from a prior restatement.

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New York State: Investment Capital Identification Requirements for Article 9-A Taxpayers

The 2015-2016 New York State budget (Part T of Chapter 59 of the Laws of 2015) made significant changes to the definition of investment capital under Article 9-A of the Tax Law that are effective for tax years beginning on or after January 1, 2015. One of the amendments requires that stock acquired on or after October 1, 2015, must be identified as held for investment in a taxpayer’s records before the close of the day on which the stock was acquired in order to qualify as investment capital and stock acquired before October 1, 2015, must be identified prior to October 1, 2015. This memorandum describes this investment capital identification procedure requirement.

More: http://www.tax.ny.gov/pdf/memos/multitax/m15_4c_5i.pdf

Mississippi Town of COMO TOURISM PARKS AND RECREATION TAX

House Bill 1586, as passed by the 2014 Regular Session of the Mississippi Legislature, authorizes a Special Tax to be levied on certain businesses located in the corporate limits of the Town of Como, Mississippi. The Bill levies a tax on the gross proceeds of restaurants from the sale of prepared foods and levies a tax of $1.00 per night for each occupied room from each hotel or motels. The Mayor and the Board of Alderman adopted, by resolution, their intent to levy such tax on April 21, 2015. The effective date of the imposition shall be June 1, 2015. The tax levies are in addition to all other taxes now imposed and may be cited as the Como Tourism and Parks and Recreation Tax. This tax on restaurants is levied at the rate of two percent (2%) on the gross proceeds from the sale of prepared food. The tax on hotels and motels is levied at the rate of $1.00 per night for each occupied room.. For purposes of this levy, the term “hotel” or “motel” means any establishment engaged in the business of furnishing or providing rooms intended or designed for dwelling, lodging or sleeping purposes to transient guests, where the establishment consists of six (6) or more guest rooms. The term “hotel” or “motel” does not include any hospital, convalescent or nursing home or sanitarium, or any hotel-like facility operated by or in connection with a hospital or medical clinic providing rooms exclusively for patients and their families. For purposes of this levy, the term “restaurant” means all places where prepared food and beverages are sold for consumption on the premises. The term “restaurant” does not include any school, hospital, convalescent or nursing home, or any restaurant-like facility operated by or in connection with a school, hospital, medical clinic, convalescent or nursing home providing food for students, patients, visitors or their families.

IMPORTANT: You should begin collecting the two percent (2%) additional tax on the sale of prepared food beginning June 1, 2015. You should begin collecting the $1.00 per night per room tax on room rentals beginning June 1, 2015. You should report the additional two percent (2%) tax, using rate code 92, either online using Taxpayer Access Point (TAP) or on paper form 72-010 Sales and Special Tax Return, if applicable, by July 20, 2015. You should report the additional $1.00 tax on your separate Occupancy Tax account to be established by our department, by July 20, 2015.

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Ohio Sales Tax Holiday

S.B. 243 enacted a one-time sales tax holiday to occur only in 2015. The holiday starts on Friday, August 7, 2015 at 12:01 a.m. and ends on Sunday, August 9, 2015 at 11:59 p.m.

During the holiday, the following items are exempt from sales and use tax:

  • An item of clothing priced at $75 or less;
  • An item of school supplies priced at $20 or less; and
  • An item of school instructional material priced at $20 or less.

Items used in a trade or business are not exempt under the sales tax holiday

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Report Certain Foreign Bank and Financial Accounts by June 30, 2015

The Internal Revenue Service today reminded everyone who has one or more bank or financial accounts located outside the United States, or signature authority over such accounts, that they may need to file an FBAR by next Tuesday, June 30.

FBAR refers to Report 114, Report of Foreign Bank and Financial Accounts, which must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. It is not a tax form and cannot be filed with the IRS. The form must be filed electronically and is only available online through the BSA E-Filing System website.

In general, the filing requirement applies to anyone who had an interest in, or signature or other authority over foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2014. Because of this threshold, the IRS encourages taxpayers with foreign assets, even relatively small ones, to check if this filing requirement applies to them.

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Quotes

Nothing works better than just improving your product.  Joel Spolsky

It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.  Theodore Roosevelt

Make every detail perfect and limit the number of details to perfect.  Jack Dorsey

If you don’t build your dream, someone else will hire you to help them build theirs. Dhirubhai Ambani

The value of an idea lies in the using of it.  Thomas Edison

 

Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. Steve Jobs

 

Startups don’t win by attacking. They win by transcending. There are exceptions of course, but usually the way to win is to race ahead, not to stop & fight.  Paul Graham

 

It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.  Charles Darwin

Someone is sitting in the shade today because someone planted a tree a long time ago. Warren Buffett

Attention to detail can’t be (and never is) added later. It’s an entire development philosophy, methodology, and culture.  Marco Arment

 

Solve a real problem. You don’t start a company because you want to be an entrepreneur or the fame and glory that comes along with it. You become an entrepreneur to solve a real problem.  Aaron Patzer

 

People don’t buy what you do; they buy why you do it. And what you do simply proves what you believe.  Simon Sinek

 

As a startup CEO, I slept like a baby. I woke up every 2 hours and cried.  Ben Horowitz

 

Competition validates you. It creates a category. It permits the sale to be this or that, not yes or no.  Seth Godin

 

You need a team that’s going to care about this thing as much as you do.  Scott Heiferman

Courage is what it takes to stand up and speak; courage is also what it takes to sit down and listen. Richard Branson

The best investor is your customer.  Esther Dyson

 

It’s a great discipline to have to report to somebody – even if you’re the sole owner.  Tim O’Reilly

 

If you have an urge to build something that could change the world, don’t focus on the money, but the legacy you’ll leave behind.   Alexander Tamas

 

Do not let failure dictate your future choices.  Roger Ehrenberg

 

“Easy” is a word that’s used to describe other people’s jobs.  Jason Fried

Trying to do it all and expecting that it all can be done exactly right is a recipe for disappointment. Perfection is the enemy. Sheryl Sandberg

If you have more than three priorities, then you don’t have any.  Jim Collins

Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine. Jack Ma

You have to be very nimble and very open minded. Your success is going to be very dependent on how your adapt.  Jeremy Stoppelman

Success is a lousy teacher. It seduces smart people into thinking they can’t lose. Bill Gates

You have no idea if your idea matters until you share it.  Michael Lopp