Monthly Archives: January 2016

FAQ – What are the 2016 optional standard mileage rates for automobile use?

The IRS has issued the 2016 optional standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical, and moving purposes (Notice 2016-1; IR-2015-137). The decline in gas prices appeared to spur the drop in the optional rates. The optional standard mileage rate for business...
Read more

IRS gets budget boost to improve customer service and cybersecurity, curb identity theft

Going into the 2016 filing season, the IRS has additional monetary resources to improve customer service and cybersecurity along with curbing identity theft. The fiscal year (FY) 2016 omnibus spending bill approved by Congress and signed into law by President Obama in December, allocates $290 million above FY 2015 funding...
Read more

How Do I? Elect to be taxed as an S corporation?

An S election is made by a small business corporation with the consent of its shareholders. Both the corporation and its shareholders must precisely follow the S election requirements or the election will not be valid. Qualified corporation. A corporation qualifies as a small business corporation for S corporation purposes if...
Read more

January 2016 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of January 2016. January 6Employers. Semi-weekly depositors must deposit employment taxes for payroll...
Read more

PATH Act provides planning opportunities with permanent extensions of many tax incentives

After years of routine temporary extensions, Congress has made permanent a number of previously temporary tax breaks for individuals and businesses as well as extending others. The Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by President Obama in December, opens the door to new...
Read more
< !-- {/literal} END JIVOSITE CODE -->