Saturday, October 19, 2013

The IRS is Reopening ... Slowly

Practical Note ... If you filed for a tax refund or a copy of a tax document (for example, to apply for a student loan, a mortgage, etc.) these requests are pretty much going to be handled in the order they were received beginning with those that came in October 1.

My expectation is that for at least the next month, perhaps through the holidays, these requests are likely to take 3-4 weeks longer than they ordinarily would.  Just sayin' ...

Please click here to read the official IRS statement on this:

Photo credit:  This work is in the public domain in the United States because it is a work prepared by an officer or employee of the United States Government as part of that person’s official duties under the terms of Title 17, Chapter 1, Section 105 of the US Code.

Monday, October 14, 2013

#Business #Travel #TaxDeduction #2013Update

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The Internal Revenue Service kept its per diem rates essentially unchanged in its Notice 2013-65 yearly update released shortly before the federal government partial shutdown.   Most small business taxpayers find the meals and incidential portion of these rules most useful, and they are unchanged at $65 per day for high cost locations and $52 per day everywhere else.  The transportation industry nationwide rate is also unchanged at $59 per day.

This blog went into a simplified discussion of these rules in April 2012, that description is still applicable and can be read here.  Sally P. Schreiber, J.D., goes into it in even more detail in a September 25, 2013 article in the Journal of Accountancy that can be read here.

If you would like the list of the high cost locations just published by the IRS, please click to continue reading.

Saturday, October 12, 2013

#WorthARead: #ClaytonMChristensen How Will You Measure Your Life?

And Then It Became This Book:

My son Benjamin had a meeting at work discussing goals the other day ... they gave him this Harvard Business Review article to read.

These excerpts, with highlighting by me, explain why it's worth your time to read it:

"If I had been suckered into telling Andy Grove what he should think about the microprocessor business, I’d have been killed. But instead of telling him what to think, I taught him how to think—and then he reached what I felt was the correct decision on his own."

"I ask my students to ... find cogent answers to three questions: First, how can I be sure

Wednesday, October 2, 2013

IRS Changes Its Mind On Issuing Refunds During Government Shutdown

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The following message has been posted to the IRS website:

"Due to the current lapse in appropriations, IRS operations are limited. However, the underlying tax law remains in effect, and all taxpayers should continue to meet their tax obligations as normal.

"Individuals and businesses should keep filing their tax returns and making deposits with the IRS, as they are required to do so by law. The IRS will accept and process all tax returns with payments, but will be unable to issue refunds