The IRS issued the 2013 optional standard mileage rates (Notice
2012-72) used to calculate the deductible costs of operating an
automobile for business, charitable, medical or moving purposes. In
lieu of using the optional standard rates, taxpayers have the
option of calculating the actual costs of using their vehicle.
Beginning on Jan. 1, 2013, the standard mileage rates for the
use of an automobile will be:
56.5 cents per mile for business miles driven (up from 55.5
cents, which was in effect for 2012),
24 cents per mile driven for medical or moving purposes (up
from 23 cents, which was in effect for 2012), and
14 cents per mile driven in service of charitable organizations
(no change from prior years).
The standard mileage rates are based on an annual study of the
costs of operating an automobile and are slightly higher than the
rates for 2012. Rev. Proc. 2010-51 provides additional details
regarding the use of standard mileage rates.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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8 Dec 2016, Webinar, Washington, DC, United States
As organizations gear up for the April 10, 2017 implementation deadline, they are making changes to product line ups, pricing, technology, business processes, distribution, their workforce – and in some cases are even changing their business models themselves. Is your organization ready? This webcast will discuss key trends and tactics that have emerged as financial service organizations tackle implementation challenges and highlight emerging best practices.
Program Content: Continued efforts to reform state and local tax (SALT) regimes by state legislatures, courts, tax authorities and the Multistate Tax Commission are transforming the way businesses are reporting their income tax obligations to the states. Evidence of those changes includes the shift to market-based sourcing, mandatory unitary combined reporting and other provisions. Businesses are also trying to come up with approaches to handle indirect tax complexity in light of legislation and litigation challenging the Quill physical presence rule. In addition, the recent federal and state elections’ effect on the SALT landscape will come into focus.
On October 5th, 2016, the Internal Revenue Service and Treasury Department published final, temporary and reproposed regulations1 under Sections 707 and 752 of the Internal Revenue Code of 1986, as amended.
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