Monthly Archives: June 2011

Prepare for Hurricanes, Disasters by Safeguarding Tax Records

Posted on June 30, 2011 by Camron Hoorfar

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

Posted on June 28, 2011 by Camron Hoorfar

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

Posted on June 21, 2011 by Camron Hoorfar

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

Posted on June 13, 2011 by Camron Hoorfar

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 →

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FBAR Filing Deadline Extended for Certain Financial Professionals

Posted on June 1, 2011 by Camron Hoorfar

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