The standard Mileage Rate is Split for 2008
From January 1, through June 30, 2008 is 50 1/2 cents per mile
From July 1, 2008 though December 31, 2008 is .58 1/2 cents per mile
1. 2009 Standard Mileage Rates Announced
The IRS has issued Revenue Procedure 2008-72 announcing the 2009 standard mileage rates. The optional standard mileage rate for business miles will be 55 cents per mile beginning January 1, 2009. The depreciation component of the standard mileage rate is 21 cents per mile.
The standard mileage rate for medical and moving will be 24 cents per mile. The standard mileage rate for charitable purposes will remain at 14 cents per mile.
2. Before your CPA, Lawyer, Enrolled Agent, or Tax preparer will be able to start your tax return for 2008 you will have to sign a form for consent to use your tax information to prepare your return. Plus you will also have to sign a Disclosure Statement to the bank(s)that you are applying for a Refund Loan, or Refund Check.,
If your CPA, Accountant, Lawyer, Financial, Insurance, Stocks, Bonds, Mortgage and tax service offers you any of the above in addition to the preparation of taxes, these services must be specified on the disclosure form that you sign giving these companies authorization to contact you. and that your tax ifformation can be used to these service. If you do not authorize these additional services you may contact the Treasury Inspector General for Tax Administration (ITIGA) AT 1-800-366-4484 or by e-mail at [email protected]. Once reported and found guilty the Preparer, CPA, Enrolled Agent, or other type of entity will be fined $1000.00 and 1 year in jail for each offense,
Here is where this law came into effect: A lot of you are contacted by various companies that are in partnerships with tax preparation firms, Like H. R Block Mortgage, banking, funding and etc, That is no longer legal without a signed authorization by the taxpayer.
Your name cannot be transferred, or used at any time except to prepare your tax return, any other contact is Illegal. for other companies to recieve information about you income without your consent.
3. Due to the amount of fraud in the earned income credit payout, the IRS is cracking down in the complaince division. There will be a total of 5 additional questions concerning Filing Status, Head of household and Qualifying child.
Checking of Social Security # closer, last names, actual amount of time in home for Qualifing child.
More to come:
Franklin Katz, ATP,PA, CPB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
Circular 230 Ruling: Compliance
This email (including any attachments) contains PRIVILEGED AND CONFIDENTIAL INFORMATION protected by federal and/or state law and is intended only for the use of the individual(s) or entity(is) designated as recipient(s). The information contained within this email should not be construed as tax advice. If you are not an intended recipient of the email, you are hereby notified that any disclosure, copying, distribution, or action taken in reliance on the contents of this email is strictly prohibited. Disclosure to anyone other than the intended recipient does not constitute a waiver of any applicable privilege. If you have received this email in error, please immediately notify us by phone at (704) 739-4039 or by email at [email protected] and then permanently delete the original and any copy of this email (including any attachments) and destroy any printout thereof.
From January 1, through June 30, 2008 is 50 1/2 cents per mile
From July 1, 2008 though December 31, 2008 is .58 1/2 cents per mile
1. 2009 Standard Mileage Rates Announced
The IRS has issued Revenue Procedure 2008-72 announcing the 2009 standard mileage rates. The optional standard mileage rate for business miles will be 55 cents per mile beginning January 1, 2009. The depreciation component of the standard mileage rate is 21 cents per mile.
The standard mileage rate for medical and moving will be 24 cents per mile. The standard mileage rate for charitable purposes will remain at 14 cents per mile.
2. Before your CPA, Lawyer, Enrolled Agent, or Tax preparer will be able to start your tax return for 2008 you will have to sign a form for consent to use your tax information to prepare your return. Plus you will also have to sign a Disclosure Statement to the bank(s)that you are applying for a Refund Loan, or Refund Check.,
If your CPA, Accountant, Lawyer, Financial, Insurance, Stocks, Bonds, Mortgage and tax service offers you any of the above in addition to the preparation of taxes, these services must be specified on the disclosure form that you sign giving these companies authorization to contact you. and that your tax ifformation can be used to these service. If you do not authorize these additional services you may contact the Treasury Inspector General for Tax Administration (ITIGA) AT 1-800-366-4484 or by e-mail at [email protected]. Once reported and found guilty the Preparer, CPA, Enrolled Agent, or other type of entity will be fined $1000.00 and 1 year in jail for each offense,
Here is where this law came into effect: A lot of you are contacted by various companies that are in partnerships with tax preparation firms, Like H. R Block Mortgage, banking, funding and etc, That is no longer legal without a signed authorization by the taxpayer.
Your name cannot be transferred, or used at any time except to prepare your tax return, any other contact is Illegal. for other companies to recieve information about you income without your consent.
3. Due to the amount of fraud in the earned income credit payout, the IRS is cracking down in the complaince division. There will be a total of 5 additional questions concerning Filing Status, Head of household and Qualifying child.
Checking of Social Security # closer, last names, actual amount of time in home for Qualifing child.
More to come:
Franklin Katz, ATP,PA, CPB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
Circular 230 Ruling: Compliance
This email (including any attachments) contains PRIVILEGED AND CONFIDENTIAL INFORMATION protected by federal and/or state law and is intended only for the use of the individual(s) or entity(is) designated as recipient(s). The information contained within this email should not be construed as tax advice. If you are not an intended recipient of the email, you are hereby notified that any disclosure, copying, distribution, or action taken in reliance on the contents of this email is strictly prohibited. Disclosure to anyone other than the intended recipient does not constitute a waiver of any applicable privilege. If you have received this email in error, please immediately notify us by phone at (704) 739-4039 or by email at [email protected] and then permanently delete the original and any copy of this email (including any attachments) and destroy any printout thereof.