The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51. Purpose Rates 1/1 through 6/30/11 […]
Optional Standard Mileage Rates – Announcement 2011-40 This announcement informs taxpayers that the Internal Revenue Service is modifying Notice 2010-88, 2010-51 I.R.B. 882, by revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses […]
The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents a mile for all business miles driven […]
Copies of previously filed original (and, if applicable, previously filed amended) federal income tax returns for tax years covered by the voluntary disclosure. Complete and accurate amended federal income tax returns (for individuals, Form 1040X, or original Form 1040 if delinquent) for all tax years covered by the voluntary disclosure, with applicable schedules detailing the […]
What are some of the civil penalties that might apply if I don’t come in under voluntary disclosure and the IRS examines me? How do they work? Depending on a taxpayer’s particular facts and circumstances, the following penalties could apply: A penalty for failing to file the Form TD F 90-22.1 (Report of Foreign Bank […]
Tax Foundation economist Mark Robyn comments on the unintended consequences of tax policy.
Testimony of Tax Foundation Vice President Joseph Henchman on H.R. 1439, the “Business Activity Tax Simplification Act of 2011” before the House Judiciary Committee’s Subcommittee on Courts, Commercial and Administrative Law.
Tax Foundation President Scott Hodge testifies before the Senate Finance Committee on “equity in the federal tax code” on May 3, 2011. Written testimony: http://1.usa.gov/mS25rw.
Agriculture, Forestry, Fishing and Hunting Crop Production 111100 – Oilseed & Grain Farming 111210 – Vegetable & Melon Farming (including potatoes & yams) 111300 – Fruit & Tree Nut Farming 111400 – Greenhouse, Nursery, & Floriculture Production 111900 – Other Crop Farming (including tobacco, cotton, sugarcane, hay, peanut, sugar beet & all other crop farming) […]
Form 941 (Rev. January 2011) Employer’s Quarterly Federal Tax Return Instruction 941 (Rev. January 2011) Instructions for Form 941, Employer’s Quarterly Federal Tax Return Forms 941, 940, Employment Taxes