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CPAs and Comfort Letters

Good AICPA article on the industry issue.

July 26, 2013

CCH: Analysis of Post-2012 Net Investment Income Tax and Additional Medicare Tax

CalCPA BUZZ

The recently released CCH briefing, Analysis of Post-2012 Net Investment Income Tax and Additional Medicare Tax, provides coverage of the IRS proposed reliance regulations addressing two new surtaxes: the 0.9 percent Additional Medicare Tax on earned income and the 3.8 percent Medicare contribution tax on Net Investment Income.
December 30, 2012

FTB Tightens Penalties For Non-filing and Suspended LLCs

Beginning January 1, 2013, the $2,000 penalty will also apply to an LLC if the LLC fails to file a tax return within 60 days after receiving a formal written demand to file.

$2,000 Penalty for LLCs | Tax News December 2012 | California Franchise Tax Board

December 30, 2012

2012: Alternative Minimum Tax Increase Looming Over Fiscal Cliff Negotiations

The Tax Foundation points out the possibility of AMT problems for 2012 for lots of folks if Washington DC doesn't make changes.

December 14, 2012

IRS Increases Standard Mileage Rates a Penny in 2013

Forbes writes:

The Internal Revenue Service has raised the standard mileage rates by 1 cent per mile for next year when calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

WASHINGTON — 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:

  • 56.5 cents per mile for business miles driven
  • 24 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

Read the article here.


November 21, 2012
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