When the Obama administration releases its fiscal 2013 budget plan next month, the President plans to propose an overhaul of the nation’s corporate tax system. While details remain forthcoming, the proposal is expected to reignite a broader national discussion on tax reform for both corporations and individuals. Although Obama has suggested lowering the corporate rate, [...]
The IRS released the 2012 standard mileage rates for business use of automobiles. Taxpayers driving a car, van, pickup or panel truck can use these rates to determine the deductible costs of that vehicle’s operation. 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving expenses 14 cents per [...]
On November 21, 2011, President Obama signed into law the Three Percent Withholding Repeal and Job Creation Act, or H.R. 674 (hereafter, “the Act”). This new legislation repeals a controversial law that would have required federal, state and local government entities with total annual expenditures of $100 million or more to withhold three percent of [...]
