The IRS has announced an increase in the optional standard mileage rates for the final six months of 2011 [IR-2011-69, 6-23-11; www.irs.gov/newsroom/article/0,,id=240903,00.html]. Citing “recent gasoline price increases,” the IRS has increased the standard business mileage rate from 51 cents to 55.5 cents a mile for all business miles driven from July 1 through December 31,…
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Last week, our business clients located in Jefferson County began receiving correspondence from the Refund and Settlement Administrator presiding over the escrowed occupational and business license tax covering the period January 12, 2009 through August 13, 2009. These taxes will soon be available for refund to affected employees and businesses, but only if certain administrative…
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At least 30 percent of employers are likely to stop offering health insurance once provisions of the U.S. health care reform law kick in in 2014, according to a study by consultant McKinsey.

When evaluating new markets for potential business expansion, there are countless considerations – judging market demand, selecting the right site, evaluating the local workforce, determining the ownership structure, etc. Each new expansion opportunity essentially is its own startup. One area that is easy to overlook is compliance. With the downturn in the economy, taxing authorities…
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The IRS has provided tax return filing, payment, and other relief for businesses and individuals located in the counties affected by the April storms. If you have any questions regarding the tax relief described in this release, please contact our office.

As mentioned in our previous post, we recently contributed to a Birmingham Business Journal article (subscription required) detailing the increase in IRS audits of individual taxpayers. The Treasury Inspector General for Taxpayer Administration (TIGTA) just last week put a new item on the IRS audit menu – rental real estate activities. How hard could it…
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We recently contributed to a Birmingham Business Journal article (subscription required) detailing the increase in IRS audits of individual taxpayers. Business audits are on the rise as well. While general income tax audits will continue to be commonplace, the IRS is increasingly targeting specific areas of noncompliance. One such area is worker classification. The worker…
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In recent weeks we have received mixed signals as to what the Obama Administration intends for corporate tax rates. The President has, on one hand, been a vocal advocate for a lower corporate tax rate that is more in line with our trading partners around the world. That rate is speculated to be in the…
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At Dent, Baker & Company, LLP, it is our commitment to be your most trusted advisor. Our tax professionals are dedicated to providing comprehensive methods for determining tax-saving strategies, helping you accomplish your financial goals and preserve your family’s wealth. Attached please find our 2011 Personal Tax Guide. This guide includes all major tax law changes through December…
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President Obama and the GOP yesterday brokered a deal that seeks to give clarity to taxpayers for 2011 and 2012. The deal also provides several new (or enhanced) tax provisions designed to stimulate the economy. Below is a snapshot of the parameters, which may be subject to alteration as the legislation is finalized and moved…
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