Archive for the ‘Business Taxes’ Category

IRS Increases Mileage Rates for 2013

Friday, November 30th, 2012

The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
• 56.5 cents per mile for business miles driven
• 24 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

Read More » [IRS]

Creating More Sales Tax Collectors

Friday, August 24th, 2012

How the enactment of so-called “Amazon” or “affiliate nexus” laws may provide states with more sales tax collectors.

In the first half of 2011, five states enacted laws that modify the definition of retailer for sales-tax purposes in the hopes of making certain remote retailers become tax collectors in their states.

Read More » [cpa2biz]

Trademarks alone are not enough for income tax nexus

Friday, August 24th, 2012

A recent West Virginia case is a reminder that the use of intangibles in a state does not automatically lead to a finding of income tax nexus.

In May, the West Virginia Supreme Court, famous for its 2006 MBNA ruling on economic nexus, found that ConAgra Brands, which received royalties from intangible trademarks used in the state, satisfied neither the “purposeful direction” test under the Due Process Clause nor the “significant economic presence” test under the Commerce Clause to be subject to the state’s corporate net income or business franchise tax.

Read More » [cpa2biz]

Deducting Employee MBA Expenses

Friday, August 24th, 2012

The deductibility of the cost of a Master of Business Administration (MBA) degree under Sec. 162(a) as a trade or business expense for an employee is a complex subject, with several factors to consider. The costs of an MBA are generally deductible if the degree maintains or improves skills required by the individual’s employment or trade or business or meets the express requirements of the individual’s employer or the requirements of applicable law.

Read More » [aicpa]

IRS 2012 Standard Mileage Rates

Thursday, July 19th, 2012

The Internal Revenue Service issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Read More»{IRS}

IRS Increases Mileage Rate to 55.5 Cents per Mile

Monday, June 27th, 2011

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 other purposes.

The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.

Read More » [IRS]