Jun 262011
 
Special New Mileage Deduction Amounts for 2011

Finally a bit of a break!  The Internal Revenue Service (IRS) recently issued Announcement 2011-40.  Beginning on July 1, 2011 and continuing until December 31, 2011, Taxpayers will be entitled to use the mileage rate of 55.5 cents per mile for business use.  This represents an increase from 51 cents allowed during the first 6 months of 2011.  This upwards adjustment was inspired by the increased price of fuel in 2011.  This is a special mid year adjustment made by the IRS to help ease the burden on taxpayers. The business standard mileage rate above is used to calculate the More…

Jun 222011
 
Florida Sales Tax Holiday Highlights The Duty To Collect And Remit Florida Sales Tax

Florida parents will no doubt be delighted to hear that Governor Scott recently signed a bill into law that provides tax breaks on certain clothing items up to $75 and school supplies up to $15.  This tax break will be in effect from August 12th through the 14th, which corresponds with the three days leading up to the start of the school year.  Only certain items are eligible to be purchased without incurring sales tax and the Florida Department of Revenue makes it quite clear that vendors are responsible for collecting sales tax on all items which are not included.  More…

Jun 162011
 
IRS Announces That 275,000 Organizations Have Lost Their Tax-Exempt Status

The IRS has announced that approximately 275,000 charitable organizations have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years.  In 2006, Congress passed the Pension Protection Act, which made the filing of annual reports a requirement for most tax-exempt organizations.  Although the majority of tax-exempt groups file their required returns, those which fail to do so and lose their tax-exempt status face harsh consequences. Loss of tax-exempt status can be devastating to a charitable organization.  Organizations that have their status revoked are no longer eligible to receive tax-deductible contributions, and any More…