On May 22, 2012, Maryland Governor Martin O’Malley signed legislation enacting the “State and Local Revenue and Financing Act of 2012” that increases the individual income tax rates, establishes new individual income tax brackets, reduces and eliminates personal exemptions for… Read More
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IRS 2012 Standard Mileage Rates
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}
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Interest on student loans will double in less than a month
Clients still paying off student loans will have a new financial calculation to take into account — the interest rate on federally subsidized college loans will double in less than a month unless Congress takes action. The rate will rise… Read More
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Supreme Court’s health care decision affects many tax provisions
The Supreme Court’s decision upholding the individual mandate in the health care law had a surprisingly large number of tax ramifications. Because much of the health care law was enacted through the Internal Revenue Code, the court’s decision to let… Read More
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U.S. housing market begins real recovery
The positive news just keeps coming in from the U.S. housing market, with data from the National Association of Realtors showing that pending home sales were up 5.9% in May. That’s the highest pending home sales level since 2010, and the… Read More
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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… Read More
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Political Activity – Can You Participate?
A 501(c)(3) organization is absolutely prohibited from participating in any political campaign at all levels, national, state and local. Political intervention includes candidate endorsements, contributions to political campaign funds, public statements of support or opposition to candidates, distributing information/pamphlets, etc…. Read More
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IRS To Exam Trade Associations And Labor Organizations In 2011
In its FY 2011 work plan, the Exempt Organizations Division of the IRS announced that they are increasing their focus on Section 501 (c) (4), (5) and (6) organizations. In their FY 2011 Annual Report and Workplan, the IRS stated… Read More
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Inurement – Is That Really a Word?
Although it is doubtful the word “inurement” is used in normal conversations, the IRS has a particular fondness for its use and is one of the areas they plan to examine in their 2011 audit work plan. However, even the… Read More
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Company Loses Payroll Tax Money
Omni Land Settlement Corporation said about $200,000 it paid in payroll taxes is missing after the payroll company it entrusted the money to declared bankruptcy on May 6. Note: We generally only recommend the use of the national companies, ADP… Read More