TAX PRO PLUS LA

Standard Mileage Rates Boosted July 1

The IRS recently announced that it is 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 that is deemed substantiated. This modification results from recent increases in the price of fuel. These increased rates are effective July 1, 2011.

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Are You Missing Out On the Research Credit?

The Internal Revenue Code (Sec 41) provides a tax credit of up to 20% of qualified expenditures for businesses that develop, design or improve products, processes, techniques, formulas or software and similar activities.  The credit has been available off and on since 1981 and has never been made permanent by Congress.  It has been extended several times and is currently scheduled to expire at the end of 2011.

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New Opportunity to Come Clean On Offshore Accounts

The income earned by U.S. citizens and residents from worldwide sources are subject to U.S. income taxes.  However, until recently, hidden offshore accounts have been hard to detect, and the income from these hidden accounts have not been reported by their owners on their U.S. tax returns.  Of late, the Treasury Department has become very aggressive in seeking out and uncovering hidden offshore accounts, and the owners of these accounts have been subject to some extremely severe penalties.

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Importance of Notifying the IRS of Your Address Change

You might say to yourself, "Why would I want to inform the IRS of my change of address since they will find out when I file my next year's income tax return?"  The following are important reasons for promptly notifying the IRS of your address change.

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Things to Know about Farm Income and Deductions

If you have a farming business, there are several tax issues that can impact your tax situation.  The following list includes some of those issues.

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