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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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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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 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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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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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.