Category Archives: Bookeeping/Accounting

2014 Standard Business Mileage Rates Increase

Posted on by

IR-2013-95, Dec. 6, 2013

Night Traffic

WASHINGTON — The Internal Revenue Service today issued the 2014 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, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 56 cents per mile for business miles driven
  • 23.5 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

The business, medical, and moving expense rates decrease one-half cent from the 2013 rates.  The charitable rate is based on statute.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. Continue reading →

Share

Treasury and IRS Announce That All Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes; Ruling Provides Certainty, Benefits and Protections Under Federal Tax Law for Same-Sex Married Couples

Posted on by

same-sex-marriage11Note: On Sept. 23, 2013 IRS issued Notice 2013-61 providing guidance for employers and employees to claim refunds or adjust overpayments of FICA taxes and employment taxes with respect to certain benefits and remunerations provided to same-sex spouses.

IR-2013-72, Aug. 29, 2013

WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.
[read more]

Share

Get The Fastest Possible Refund

Posted on by

tax-refundComing Soon! New for 2013. The Tax Practice will be offering the do-it-yourself tax return. Through this web site, you’ll get the fastest possible refund, and you will automatically get the lowest-priced solution for your tax situation.

We understand that taxes can be confusing, which is why we will offer an easy-to-use interview to help you fill out just the forms you need.

Share

SEC XBRL Mandate

Posted on by

AreYouReadyForXBRLXBRL is a powerful and flexible version of XML which has been defined specifically to meet the requirements of business and financial information.  It enables unique identifying tags to be applied to items of financial data, such as ‘net profit’.  However, these are more than simple identifiers.  They provide a range of information about the item, such as whether it is a monetary item, percentage or fraction.  XBRL allows labels in any language to be applied to items, as well as accounting references or other subsidiary information.

The SEC now requires all private and publicly traded companys to report in XBRL, and those reports require XBRL software. You need to be ready. Phase 2 is comming, and it’s a big deal.

The Tax Practice has partnered with the XBRL experts at SEC Filings to bring you the complete XBRL based account option. Set up an appointment today and be ahead of the pack.

Share