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 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...
CT - DRS addresses worker misclassification problem The Connecticut Department of Revenue Services (DRS) has issued a
notice encouraging employers that have misclassified their workers
(e.g., as independent contractors rath...
ME - 2012 withholding tables released Maine Revenue Services has released the 2012 personal income tax
withholding tables. In addition, a supplement to the withholding
tables is available containing 2012 percentage met...
MA - Circuit breaker credit eligibility thresholds released The Massachusetts Department of Revenue has released the 2011
income and assessed valuation threshold amounts, and the maximum
available credit amount, applicable to the refundable...
NH - Home care association entitled to charitable exemption On remand from the New Hampshire Supreme Court, the Board
of Tax and Land Appeals (BTLA) considered two underlying issues as
directed by the court and ruled that a home care ...
NJ - Madoff victims entitled to refunds Taxpayers, who were victims of the Madoff Ponzi scheme, were
entitled to file amended New Jersey gross (personal) income tax
returns for 2005 through 2007 to claim refunds for inte...
NY - Application for award of administrative costs denied A taxpayer was not entitled to an award of administrative costs
under Tax Law §3030 with regard to a New York sales and use
tax settlement, even though the taxpayer established tha...
PA - DOR updates bulletin on restricted credits The Pennsylvania Department of Revenue (DOR) has issued a corporate
income tax bulletin addressing the application of restricted
credits and requirements for selling tax credits. S...
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