Monthly Archives: June 2011

Prepare for Hurricanes, Disasters by Safeguarding Tax Records

The 2011 hurricane season starts today, and the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps. Create a Backup Set of Records Electronically Taxpayers should keep a set of … Continue reading

Posted in Business, General, Taxation | Leave a comment

IRS Increases Mileage Rate to 55.5 Cents per Mile

The Internal Revenue Service today 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 … Continue reading

Posted in Individual, Taxation | Leave a comment

IRS Identifies Organizations that Have Lost Tax-Exempt Status; Announces Special Steps to Help Revoked Organizations

The Internal Revenue Service today announced that approximately 275,000 organizations under the law have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years. The IRS believes the vast majority of these … Continue reading

Posted in Nonprofits, Taxation | Leave a comment

One Billion Served: IRS E-File Passes Major Milestone

IRS e-file has reached a major milestone as it passed the one billion mark for individual tax returns processed safely and securely since 1986. The Internal Revenue Service‚Äôs electronic filing program started as a pilot project in 1986 and became … Continue reading

Posted in General, Taxation | Leave a comment

FBAR Filing Deadline Extended for Certain Financial Professionals

The Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) today announced that a small subset of individuals with only signature authority required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension … Continue reading

Posted in Business | Leave a comment