To help offset the bite of rising gas prices, the IRS announced on June 23rd that the standard business mileage rate will increase for the second half of 2011 (beginning July 1st) to 55.5 cents per mile, up from 51 cents per mile for the first half of 2011.

Starting January 1, 2012, the Department of Labor will require 401(k) plans to clearly spell out all fees and expenses each quarter so that investors can more readily compare the costs of their holdings and investment choices.

The Internal Revenue Service (IRS) issued interim guidance concerning the Affordable Care Act (ACA) requirement to report the cost of employer-provided health care coverage on Form W-2. Under the new interim guidance, voluntary reporting has been extended for small employers to 2012.

The update suggests new disclosures that the Board believes would help users of financial statements better assess the potential risks faced by those organizations.

Just recently, President Obama signed a bill repealing a tax-compliance mandate that was included within last year’s health care law.

Under the recommendations, a separate private company standards board would be established to make exceptions and modifications for both new and existing standards.