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Hi, Friend. Here are your Articles for June 25, 2008.
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IRS Raises Mileage Rates

In a rare move to help ease the burden of skyrocketing gas prices, the IRS is making a mid-year increase to its mileage rates.  "Rising gas prices are having a major impact on individual Americans. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile," said IRS Commissioner Doug Shulman. "We want the reimbursement rate to be fair to taxpayers."  Read on for the new rates, which take effect July 1st.



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SEC Approves One Year Extension for Small Company SOX 404(b) Compliance

The Securities and Exchange Commission (SEC) announced last week that it has approved a one-year extension of the compliance date for smaller public companies to meet the Section 404(b) auditor attestation requirement of the Sarbanes-Oxley Act. The SEC also announced that it received Office of Management and Budget (OMB) approval yesterday to proceed with data collection for a study of the costs and benefits of Section 404 implementation, focusing on the consequences for smaller companies and the effects of the Section 404 auditor attestation requirements. The results of the study are expected to become available during the extension period. Read on for more details. 


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Last Call: 2008 Business of the Year Awards Nominations August 12th Deadline

McKonly & Asbury, LLP is once again proud to sponsor the annual Central Penn Business of the Year Awards.  These awards honor area companies and business executives for their exceptional roles in helping our business community to grow and prosper.  The Central Penn Business Journal is now accepting nominations for this year's awards.  Read on for more details and information on how to submit a nomination.  



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There's good news for recent college graduates and their parents who must repay student loan debt. The interest rates on federal loans are dropping significantly on July 1, which means smaller payments for borrowers. Click "Full Article" for the details, along with other important tax and health insurance information for parents of recent college grads.
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Intellectual property ownership issues can become complicated when your employees develop software and written materials for your company. Without the proper legal safeguards, you might be surprised to find your company out in the cold. Here are some guidelines to help clear the air and safeguard your business interests.
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Disclaimers and "hold harmless" provisions in your company's contracts can provide legal protection should something go wrong with your products or services. Click "Full Article" for a guide on what to include in these two barriers to legal actions.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation.

The drafter of the tax articles in this e-newsletter did not intend nor write the advice to be used to avoid any penalty imposed by a taxing authority, nor may any user/recipient of this document use this document's written tax advice for that purpose. This document's tax advice was written specifically to support the promotion or marketing of the transaction/matter addressed by the written tax advice. Therefore, any user/recipient of this document should seek an independent tax professional's advice regarding the user/recipient's particular circumstances.

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