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ITS OFFICIAL EFFECTIVE JULY 1, 2008 THE NEW MILEAGE RATE FOR CARGO VANS IS 58.5 CENTS PER MILE. THE RATE FOR JANUARY THOUGH JUNE 30 IS 50.5 CENTS PER MILE, So this year you have a split mileage, so Come July 1, mark the mileage on the speedometer down, and then again at the end of...

Hi Everyone, There was a new law that pertains to all Sole propreitors who are Married, File Joint Returns, the law states, if you are a couple and only one recieves a 1099 MISC for a income producing business, t all of income and expenses are split equally between both parties, This is...

Hi All, I received notification about the new Per Diem and Standard Mileage rates so far will REMAIN THE SAME AS 2007 Per Diem: $52.00 per day U.S. $58.00 per day International, (Canada-Mexico) and except that the limitation has finally reached to where it was back in 1998. That...

JUNE 2007 [B]TIP #1 THE TAX CONSEQUENCES OF LOANING MONEY TO YOUR BUSINESS (Don't forget the interest) Often buiness owners infuse there business with additional cash. How you structure this capital investment has a direct effect on the tax consequences. In addition, the type of entity...

[color=blue] It seems that a lot of you O/O's and company Drivers wait until the last minute thinking that you are going to owe tax and want to put off the inevitable. What you do not realize is that by planning ahead and those paying estimated taxes over the year reduces the burden when you...

A new message has been placed in queue. ------------------------------------------------------------------ Forum name: Tax Topics For Expediters. Subject: Correct me if I%27m wrong Posted by: Streakn1 Message : On 1/20/07 a member posted a question in this forum. Being a regular visitor to...

September 29th, 2006 Here is a notice of what the Small Business and Self employed division of the internal Revenue plans on doing SB/SE Division Plans More Audits To Reduce Tax Gap The IRS Small Business/Self Employed Division says the division plans to perform more audits to reduce an...

Here is the New Standard Mileage Rate for Cargo Vans and Pick-up/Van bodies with 8-14 Ft boxes only. IRS Announces 2007 Standard Mileage Rates IR-2006-168, Nov. 1, 2006 WASHINGTON — The Internal Revenue Service today issued the 2007 optional standard mileage rates used to calculate the...

[b] Updated list of "Retention of Tax Records Posted 9/28 I have an updated list that is about 3 pages and I do not want to take up the thread with it, So if you would like to have a copy Please E-mail me directly at [email protected] Frank

HERE IS A TAX COURT CASE IN REFERENCE TO CLEINT RECORDS This is a generalization of why you must keep accurate records Client Recordkeeping Makes a Difference All too often, taxpayers do not keep adequate records. Let’s take a look at some of the highlights in Tax Court Summary Opinion...

For those of you who would like a full IRS notice of how to substantiate your PER DIEM it is available to you by sending an e-mail to me directly at [[email protected]], Frank

Here is a topice that comes up quite often, and this would pertain to everyone. This is something that I have been asked quite a bit over the last 7 years Since I opened my Tax Practice. The question is "HOW LONG DO I HAVE TO SAVE MY TAX RECORDS?". As all of us know the IRS has tyically three...

{B} HERE IS SOME VERY INPORTANT AND INTERESTING INFORMATION CONCERING MANY TAX PREPARERS THAT WORK FOR THE MAJOR CHAINS, THIS ARTICLE WAS WRITTEN BY THE MEMBERS OF THE GENERAL ACCOUNTABILITY OFFICE WHO POSED AS TAXPAYERS. READ ON MY PROFESSIONAL TAX AND ACCOUNTING ASSOCIATIONS POSTED THIS...

[b]HI ALL, Here si something that everyone questions in reference to estimated tax payments. This will give you some idea of weather you should or should not pay them. Income Tax Determining Your Estimated Tax Payments How Can I Figure Out If I Must Pay Estimated Taxes, And, If So, How...

In response to message #1 First of all it would depend on what type of unit you are driving, basically the only unit that you can take the standard mileage deduction is a Cargo van, If you drive a Cargo van or van/pickup with a box and take the standard mileage you can only take Tolls, you...

BRUCE AT [email protected] OR .NET. I have tried to e-mail you back with the listing attached but it comes back as not the correct e-mail address for [email protected] or .net Please correct the address so that the listing can be sent to you or if you would like send me a physical address...

"deductiable listing for Andrew Wetz" Aug-24-05, 06:41 PM (EDT) This message is for Andrew Wetz, I received your e-mail in reference to subject above, I sent it to the e-mail address you sent it from [email protected] but it cam back as user not known, so I am asking you to re-email and I will...

CCA 1997-40 Chief Council Advise CCA 1997-40 Headnote: Reference(s): FULL TEXT: Date: November 5, 1997 CC:DOM:IT&A:2 EBCleverdon — FREV-111132-97 OFFICE OF CHIEF COUNSEL INTERNAL REVENUE SERVICE MEMORANDUM TO: Chief, Kansas-Missouri Appeals Office 8000 STL FROM: Assistant...

HI ALL, IF BULLRUSH CAN'T HELP ME TO GET A COPY OF THE CCM MEMO THAT RELIEVED HIM OF THE STANDADARD MILEAGE DISALLOWANCE ON HIS TAX RETURN A COUPLE OF YEARS AGO, THEN THERE IS ANOTHER PERSON THAT I WISH TO THANK FOR THAT INFORMATION HER NAME IS MARIGIE, THE CCM/CCA IS IRS CCA 1997-40...

For those of you who would prefer to e-mail me directly its [[email protected]] Frank