by Leif Jensen | Jun 28, 2011 | General |
I prepare the payroll for one of my clients along with my other responsibilities. As I was doing their weekly bank reconciliation I noticed that a bonus check had not been cashed. Now it wasn’t a huge amount, but it was a noticeable amount. So I contacted the...
by Leif Jensen | Jun 26, 2011 | General |
The IRS is increasing the standard mileage allowance upward for business vehicle usage. The new rate will be 55.5¢ a mile for the final six months of 2011, The mileage rate also increases for medical and moving expenses also increases by 4.5¢ to 23.5¢ a mile. But the...
by Leif Jensen | Jun 26, 2011 | General |
According to the Tax Court, a preparer’s omission of income from a return won’t excuse a penalty. A couple had hired a preparer fill out their complex return, they gave him more than 160 information returns. The final completed return was 115 pages long and showed...
by Leif Jensen | Jun 26, 2011 | General |
Apparently the IRS needs to do a better job of tracking its own employees’ compliance. According to Treasury inspectors the computer program used to detect workers who didn’t timely file or pay taxes or who understated their taxes, allowed over 100 employees who were...
by Leif Jensen | Jun 26, 2011 | General |
Internet Crime Complaint Center Highlights Of the complaints involving financial harm that were referred to law enforcement, the highest median dollar losses were • found among investment fraud ($3,200), overpayment fraud ($2,500), and advance fee fraud ($1,500)...
by Leif Jensen | Jun 24, 2011 | General |
51% of households owed no federal income tax for 2009! According to a study by the nonpartisan Joint Tax Commission. In fact, about 30% of all households got back a check for their full income tax bill and more due to refundable tax credits…the earned income credit,...
