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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
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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
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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
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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’s electronic filing program started as a pilot project in 1986 and became … Continue reading
Posted in General, Taxation
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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
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