Latest News & Announcements

New penalties for S-Corporations filing late
Updated: December 07, 2009 :: 05:34 PM
S Corporations that fail to file timely under IRS Sec. 6037 face a penalty of $85 per shareholder, per month (for a maximum of 12 months), unless the corporation can show reasonable cause. Arizona has also provided a penalty for Forms 120S and 165: $100 for each month for failure to file, up to a maximum penalty for late filing of $500.
IRS Announces new mileage rates for 2010
Updated: December 07, 2009 :: 05:33 PM
The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
  • 50 cents per mile for business miles driven
  • 16.5 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations
    • Manufacturers' Deduction
    Updated: October 10, 2008 :: 12:11 PM

    This new deduction is available for businesses in these areas:

    • Traditional manufacturing
    • Construction
    • Engineering
    • Energy production
    • Computer software
    • Films and videotape
    • Processing of agricultural products

    When fully phased in by 2010, the deduction will be equal to nine percent of the lesser of qualified production activities income for the year, or taxable income for the year. The deduction starts at a transition percentage of 3 percent for 2005 and 2006, rising to 6 percent for 2007 through 2009. Treasury and the IRS will need to draft regulations as to what the spectrum of business activities (categories of businesses within the ranges named above) qualify as manufacturing. Planning should be anticipated in order to position your business properly in order to qualify.

    Small Business Expensing
    Updated: February 03, 2009 :: 08:12 AM
    The total cost of property that can be expensed in tax years beginning with 2008 is limited to $250,000. The limit will be adjusted annually for inflation.
    Vehicle Donations
    Updated: October 10, 2008 :: 12:11 PM
    Congress limited the deduction for vehicles contributed to charity. The amount of the deduction will depend on how the doner organization uses the vehicle. If the charity sells the vehicle without using the vehicle in any significant way, the amount of the charitable deduction cannot exceed the gross proceeds from the sale. The taxpayer also must produce an acknowledgment as to value from the charity if the charity keeps the vehicle for it own use.
    Tax Deadline Is Looming
    Updated: October 10, 2008 :: 12:11 PM
    Yes, it is that time of the year once again where we are heading into the final stretch. If you have not gathered your materials together for your yearly filing, it may be time to think about filing that extension. If you have any questions about getting your taxes filed in time or need help with that extension be sure to contact my office as soon as possible to get the ball rolling. Don't miss your chance, fliling an extension is easier to file than you may think.