Wolcott & Associates Latest News
Friday July 1, 2011
2011 Standard Mileage Rates
Beginning on July 1, 2011, the standard mileage rates are:
55.5 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes and 14 cents per mile driven in service of charitable organizations.
These rates were increased from .51, .19 and .14 for the first half of the year.
Thursday February 3, 2011
New Tax Reporting Requirements for Landlords
New law enacted as part of the Small Business Jobs Act of 2010, landlords receiving rental income from real property will be required to file information returns with the IRS, generally a Form 1099-MISC, when they pay any contractor or other service provider $600 or more during the year for rental property expenses.
Saturday January 1, 2011
New Air Passenger Transportation Tax Rates
For the calendar year 2011, the IRS has issued under revenue procedure 2008-66, the amount paid for each domestic segment of taxable air transportation is $3.70. If international transportation begins or ends in the United States the tax is generally $16.30. For a domestic segment beginning or ending in Alaska or Hawaii, the tax applies only to departures and the rate is $8.20.
|
