Tax Guru – Ker$tetter Letter

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Archive for December, 2015

Better late than never

Posted by taxguru on December 29, 2015

Despite many predictions that it would be impossible for the current do-nothing Congress to get an extender bill up to the White House before the end if the year, they seemed to have done it, with less than two weeks to spare. 

Considering that many of the provisions are retroactive to the beginning of 2015, it doesn’t give calendar year taxpayers much time to take advantage of the newly restored tax breaks.  With the maximum Section 179 allowance increasing from $25,000 to $500,000, there will most likely be a lot of year-end purchases of business vehicles and equipment.  Remember that the newly acquired assets have to be placed into service before January 1, 2016 in order to be deducted on the 2015 tax return.  Just paying for them by December 31 isn’t good enough.

As I come across them, I will be posting links to as much useful coverage of this newly passed legislation as I can find.

From Tax Foundation: The Twelve Most Important Provisions in the Latest Tax Bill

SECTION BY SECTION SUMMARY OF THE PROPOSED “PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015" – 20 page PDF

From AICPA: Congress Passes Extender and Other Tax Legislation

From Spidell:  2015-2016 extenders and new tax laws

From CCH: House Passes Extenders Package

From Congress: Protecting Americans from Tax Hikes Act of 2015

From Western CPE: 2015 Extender Bill Passed By Congress

Posted in NewTaxLaws | Comments Off on Better late than never

IRS still not secure

Posted by taxguru on December 25, 2015

Over the next few months, as we and everyone associated with us (banks, employers, stockbrokers, etc.) are forced to reveal all of our personal financial details to IRS, this has to make you nervous as to who will get ahold of that info.

IRS Still Working on the Hack of the Year

Posted in IRS | Comments Off on IRS still not secure

2016 IRS Mileage Rates

Posted by taxguru on December 18, 2015

IRS has released its standard mileage rates for 2016, down from the 2015 rates due to the lower fuel prices.  These are useful for employee reimbursement plans.

2016 Standard Mileage Rates for Business, Medical and Moving Announced

Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 54 cents per mile for business miles driven, down from 57.5 cents for 2015
  • 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
  • 14 cents per mile driven in service of charitable organizations

Posted in IRS, Vehicles | Comments Off on 2016 IRS Mileage Rates