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Hello, Website Visitor. Here are your articles for June 25, 2008.
ALERT - IRS announces an increase in optional standard mileage rates

 
The IRS has announced an increase in the optional standard mileage rates effective July 1, 2008 through December 31, 2008: the Business Mileage Rate will increase to 58 1/2 cents per mile; the Medical and Moving Mileage Rate will increase to 27 cents per mile and the Charitable Mileage Rate will remain the same (14 cents per mile).

The current high gas prices are not the only thing "taxing" individuals and small businesses. Read on to learn the many ways Stambaugh Ness can help cut your tax bill to help balance your expenses.



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Fin 48 Presentation and Podcast can Clarify Deferral

 
The Financial Accounting Standards Board (FASB), has granted a deferral to nonpublic and pass-through entities to implement FASB's Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes. Stambaugh Ness CFO Tom Moul, CPA is prepared to clarify this information for bankers, insurance and bonding agents, and other financial statement users as they work with their clients.

Click for more information about a presentation and a podcast on the topic.


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Employee Benefit Plan Requirements Change in 2009

 
Beginning in 2009, employee benefit plans sponsored by charitable organizations and schools under Internal Revenue Code section 403(b) and covered under the Employee Rerirement Income Security Act will be subject to the same reporting and audit requirements as section 40l(k) plans.

Stambaugh Ness Manager Alicia D. Schmiedel, CPA clarifies these new requirements.



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DELTEK NOTES - What's on YOUR Dashboard?

 
Just as the dashboard in your vehicle houses instruments and controls pertaining to the operation of your vehicle, the Dashboard in Deltek Vision allows users to combine the tools they need within a single screen to effectively control the direction their organization is headed. As a standard feature, the Vision Dashboard allows users to create a unique and completely customizable view of their business world.  

Here are more details from Deltek Team Member Adam Cusumano. 



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Registration Open for August QuickBooks CAN! Seminars

 
Registration is open for our August "QuickBooks Can!" seminars.

The sessions are scheduled on August 20 and 21. Topics include "Setting up Inventory," "Tracking and Paying Sales Tax," "Tracking Time" and more.

The Full Article has details including topics for both sessions.



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How to Handle a DUPLICATE Economic Stimulus Payment

 
You could call it too much of a good thing. You may receive a duplicate Economic Stimulus Payment from the IRS. And, no ... you can't keep the money.

Real the Full Article to find out how to return what's not yours.



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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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A number of lawsuits and an increase in the fines charged for overtime violations make it imperative to review your company's job descriptions. And be sure you know the legal definition of exempt employees. Read the "Full Article" for details.
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Saving your business is possible when you are confident about its future success even if currently, it has fallen deeply in debt. If your company falls on bad times, it might be eligible for court protection against its creditors while you work out a survival plan. Here's a rundown of how Chapter 11 bankruptcy proceedings work and how they differ from other types of bankruptcy.
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Unsinkable economic ship? One lookout saw this iceberg coming
thenewstribune.com - Sun, 12 Oct 2008 15:31:19 GMT

France to create agency for capitalizing banks: report
marketwatch.com - Sun, 12 Oct 2008 15:28:00 GMT

Efforts on global warming chilled by economic woes
wtopnews.com - Sun, 12 Oct 2008 15:27:19 GMT

UAE facing second-round effects of faster inflation, Central Bank Governor says
gulfnews.com - Sun, 12 Oct 2008 15:00:24 GMT

A chat with CIA chief-turned-venture capitalist R. James Woolsey
mercurynews.com - Sun, 12 Oct 2008 14:53:44 GMT


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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. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any US tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code.

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