Chicago's Premier Accountants
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.
Read more at:
http://www.irs.gov/uac/Newsroom/Interest-Rates-Remain-the-Same-for-the-First-Quarter-of-2013
Nearly 143 million individual income tax returns were filed for Tax Year 2010, an increase of 1.7% percent from 140.5 million returns filed for 2009. The adjusted gross income (AGI) reported on these returns totaled $8.1 trillion, a 6.1 percent increase from the previous year.
Read more at:
http://www.irs.gov/uac/Newsroom/Fall-2012-Statistics-of-Income-Bulletin-Now-Available
The Internal Revenue Service today issued the 2013 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, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
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As part of the administration’s efforts to bring all available resources to bear to support state and local partners impacted by Hurricane Sandy, the Treasury Department and the Internal Revenue Service today announced an expedited review and approval process will be offered for organizations seeking tax-exempt status in order to provide relief for victims of Hurricane Sandy. The IRS also continues to encourage people to use existing organizations currently working on immediate aid efforts.
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