kcjenkins Posted March 3, 2011 Report Posted March 3, 2011 4. More Business Package Mailings End Following Growth of e-File Business taxpayers will no longer receive certain tax packages in the mail from the IRS. Most importantly, the Form 941, Employer’s Quarterly Federal Tax Return will no longer be mailed. Quote
kcjenkins Posted March 3, 2011 Author Report Posted March 3, 2011 This you may also want to bookmark: 5. IRS Updates the Allowable Living Expense Standards for 2011 The Internal Revenue Service released the 2011 update to the Allowable Living Expense Standards on March 1. The ALE standards are used to reduce subjectivity in determining what a taxpayer may claim as basic living expenses necessary to avoid undue hardship when the taxpayer must delay full payment of a delinquent tax. The standard allowances provide consistency and fairness in collection determinations by incorporating average expenditures for basic necessities for citizens in similar geographic areas. My link Quote
kcjenkins Posted March 3, 2011 Author Report Posted March 3, 2011 Revenue Procedure 2011-21 provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2011 and the amount to be included in income by lessees of passenger automobiles first leased during calendar year 2011. These depreciation deduction limitations and income inclusion amounts are updated annually pursuant to section 280F to reflect the automobile price inflation adjustments. Rev. Proc. 2011-21 also modifies Rev. Proc. 2010-18, to increase the depreciation limitations and lessee inclusion amounts for passenger automobiles first placed in service or leased in 2010 by taxpayers claiming the section 168(k) additional first year depreciation deduction pursuant to the Small Business Jobs Act of 2010. the link Quote
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