Posts Tagged ‘IRS’

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]

How to Get a Transcript or Copy of a Prior Year’s Tax Return from the IRS

Friday, August 24th, 2012

Taxpayers should keep copies of their tax returns, but if they cannot be located or have been destroyed during natural disasters or by fire, the IRS can help. Whether you need your prior year’s tax return to apply for a loan or for legal reasons, you can obtain copies or transcripts from the IRS.
Here are 10 things to know if you need federal tax return information from a previously filed tax return.

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IRS Gives a Road Map for Audits of Repair and Maintenance Expenses

Wednesday, February 9th, 2011

The issue of whether maintenance costs are deductible as incidental repairs or must be capitalized under IRC §263A continues to trip up taxpayers, despite guidance and proposed regulations from the Internal Revenue Service. Recently, the IRS issued an audit-technique guide that gives insight into how it will examine taxpayers’ treatment of repair and maintenance costs.

Read more » [Journal of Accountancy]

New Smartphone App Lets You Check Tax Refund Status

Tuesday, January 25th, 2011

The IRS unveiled a new smartphone app Monday that will allow taxpayers to check the status of their tax refunds and get other information about their tax returns.

The app, IRS2Go, can be downloaded for free on iPhones and Androids, the IRS said. Taxpayers will need to provide some basic information to check the status of their refund on the app. They’ll need to enter their Social Security number, which will be masked and encrypted for security purposes, the IRS said.

Read Full Article » [USA Today]

View App Website » [IRS]

IRS Audit Red Flags: The Dirty Dozen

Friday, January 7th, 2011

Here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS.

Ever wonder why some tax returns are audited by the IRS while most are ignored? Well, there’s a whole host of reasons to this age-old question. The IRS audits only about 1% of all individual tax returns annually. The agency doesn’t have enough personnel and resources to examine each and every tax return filed during a year.

Read full article » [Kiplinger]

IRS 2011 Mileage Rates

Wednesday, January 5th, 2011

The IRS just released the 2011 mileage rates to be used by employees, self-employed individuals and other taxpayers to compute deductible costs of operating an automobile (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes.

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