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The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.

The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.

Posted by: DeAnna DeWitt

Posted by: Courtney Ockenden, CPA

Does your vehicle get used for business?

Posted by: Brett Neate, CPA

The Ohio Budget Bill signed by Governor Kasich on June 30^th includes a massive tax break for businesses delinquent in filing Use Tax returns.  Not only will interest and penalties be waived, but the tax itself will be abated for all pre-2009 periods!  The amnesty period runs from October 1, 2011 to May 1, 2013 and offers benefits to both registered and unregistered taxpayers. 

In early March, the IRS released Announcement 2011-21, announcing that it would “soon” release the 2009 version of Form 8955-SSA, which is the replacement for the old Schedule SSA to Form 5500. The 2010 form was promised “later.” As of June 18, 2011, the IRS released the 2009 Form 8955-SSA, but to date still has not released the 2010 version of this form.

In general, a plan sponsor must file the 2009 Form 8955-SSA (for a single employer plan) if the participant separates from service covered by the plan in a plan year and the participant is entitled to a deferred vested benefit under the plan.  Form 8955-SSA must be filed no later than the plan year following the plan year in which the participant terminates employment with the employer.

It is anticipated that the 2010 Form will also require disclosure of individuals whose benefits were transferred in 2010 from another plan into the reporting plan, and individuals whose benefits ceased to be payable by the reporting plan during 2010 (because they received a distribution of their entire vested benefits in 2010).

As of now, what options does an employer have for satisfying the 2010 Form 8955-SSA filing requirement?

At present, there are three options:

In today’s struggling economy state and local taxing authorities are taking action to generate tax revenue in a variety of ways. States are discovering new ways to identify non-filers and utilizing new, and often questionable, criteria in determining who they can and can’t subject to tax.

Christian Lopez, the 23-year-old baseball fan who returned Yankees’ Derek Jeter’s 3,000^th career hit ball to the player, allegedly out of the goodness of his heart, received autographed bats, balls, and jerseys and four box seat tickets for the rest of the Yankees 2011 season from the appreciative team.