IRS releases business standard mileage rate for 2012
The business standard mileage rate, which many employers use to reimburse employees for business miles driven, is 55.5 cents-per-mile for 2012, the IRS has announced.  This reflects no change from ...

IRS relief for IRA owners entering into broker indemnification agreements
The IRS is providing temporary relief for owners of individual retirement accounts (IRAs) who have entered into indemnification agreements with brokers that may result in prohibited loan transactio...

IRS reminds dual citizenship taxpayers to report foreign accounts
The IRS recently reminded dual citizenship taxpayers and U.S. citizens residing abroad to file U.S. income tax returns and, if appropriate, Form TD F 90-22.1, Report of Foreign Bank and Financial A...

IRS revises regulations for capitalization of tangible assets
Just before year-end 2011, the IRS issued much-anticipated revised regulations on the capitalization of tangible assets. The IRS withdrew proposed regulations issued in 2008 and issued temporary an...

IRS updates Form 940 for mid-year expiration of FUTA surtax
The IRS has updated Form 940 to reflect the mid-year 2011 expiration of the 0.2 percent FUTA surtax. FUTA taxes for 2011 will be calculated using two rates, the IRS explained.Mid-yea...

FL - Floating interest rate remains at 7% for first half of 2012
The floating interest rate on Florida underpayments (deficiencies), late payments, and overpayments for the period from January 1, 2012, through June 30, 2012, remains at 7% for, a...