2012 Tax Developments and Updates

Presented is a summary of current developments related to individual and business taxes, including updates for Social Security taxes, tax credits, exemptions and itemized deduction limits, and pension plan limitations. Read more>>

IRS Increases Mileage Rate to 55.5 Cents per Mile (effective July 1, 2011)

In recognition of recent gasoline price increases, the Internal Revenue Service has increased the optional standard mileage rates for the final six months of 2011. The rate has increased 4.5 cents to 55.5 cents per mile for all business miles driven from July 1, 2011 through December 31, 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate for medical miles increased from 19 cents to 23.5 cents per mile.

Current Developments in the Food and Beverage Industry

Read summary of current developments related to increased Maryland sales tax rate on alcohol sales; Form I-9 audits; and Tip Reporting.  Read more>>

2010 Tax Act:  Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010

Read highlights of the tax changes in the 2010 Tax Act.  Read more>>

Small Business Jobs Act of 2010

The 2010 Small Business Jobs Act includes a number of important tax provisions affecting small as well as large business, plus changes that affect individuals. Highlights of the tax and pension changes in the 2010 Small Business Act include expanded depreciation expensing for 2010 and 2011, bonus depreciation for 2010, and five-year carryback of unused general business credits for eligible small businesses.  Read more>>

About Time to Consider Switching Your IRA to a Roth IRA

In 2010, a new opportunity arises as income limits on Roth IRA conversions are permanently repealed.  As an added bonus, the tax bill can be spread over two years for conversions that take place in 2010.  Read more>>