The straight line

The case for Section 199 amended returns continues! The first pre-settlement appeals conference with the IRS Appeals Office is scheduled for August 8th and 9th. Please be aware that if you filed an amended return to claim an enhanced Section 199 deduction and have not heard from the IRS, please contact us so that we may follow up on and track the status of your amended return.

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.