2016 IRS Standard Mileage Rates

Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015 14 cents […]

2015 Pension Plan Limitations

The Internal Revenue Service today announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged because the increase […]

US Tax Court Decision – Shea Homes, Inc.

SHEA HOMES, INC. AND SUBSIDIARIES, ET AL.,1 Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket Nos. 29271-09, 1400-10, Filed February 12, 2014. Full text of court decision: Shea Homes, Inc – U.S. Tax Court Decision full text in .pdf Conclusion: SHI, SHLP, and Vistancia are permitted to report income and loss from the sales of […]

IRS Employment Tax Reporting and Deposit Due Dates in 2014

  Reporting Due Dates   Generally, employers must report wages, tips and other compensation paid to an employee by filing the required form(s) to the IRS. You must also report on the taxes you deposit.   By January 31   File Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return. However, if you deposited all […]

Updated IRS Smartphone App IRS2Go Version 4.0

IRS2Go on iTunes IRS2Go on Google play The redesigned IRS2Go provides new features for taxpayers to access the latest information to help them in the preparation of their tax returns. In this version, IRS2Go highlights the addition of an innovative new refund status tracker, providing taxpayers an easy-to-use feature to follow their tax return throughout the […]

2014 Withholding Calculator (IRS)

Click here to enter 2014 IRS Withholding Calculator This calculator have five steps . First you have to enter what filing status will you use on your 2014 Income Tax Return: will it be Single, Married filing joint return, Married filing separate return, Head of Household or Qualifying widow(er). You will also have to enter […]