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Posts from January, 2014

  • In 2014, Various Tax Benefits Increase Due to Inflation Adjustments For tax year 2014, the Internal Revenue Service has announced annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items for ... Continue Reading
  • 2014 Pension Plan Limitations The Internal Revenue Service has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014. Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the ... Continue Reading
  • 2014 Standard Mileage Rates Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable ... Continue Reading
  • IRS Warns of Pervasive Telephone Scam The Internal Revenue Service is warning consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire ... Continue Reading
  • Upcoming Tax Deadlines January Thu 2 Deposit payroll tax for payments on Dec 25-27 if the semiweekly deposit rule applies. Mon 6 Deposit payroll tax for payments on Dec 28-31 if the semiweekly deposit rule applies. Wed 8 Deposit payroll tax for payments on Jan 1-3 if the semiweekly deposit rule ... Continue Reading