IRS finalizes shorter extensions for partnership, trust returns

  1. IRS finalizes shorter extensions for partnership, trust returns

    The Internal Revenue Service issued final regulations setting the period for automatic extension of partnership Forms 1065 and trust and estate Forms 1041 at five months, meaning that they will generally be due Sept. 15. This allows partners and beneficiaries enough time after receiving their Schedules K-1 to prepare their own extended individual or corporate income tax returns, generally due Oct. 15. The AICPA has advocated for the Sept. 15 due date. JournalofAccountancy.com (6/23)

  2. IRS increases standard mileage rate, starting July 1

    Because of rising fuel costs, the Internal Revenue Service increased the standard mileage rate for business use of an automobile and for medical and moving expenses. The new optional standard mileage rates will apply to expenses incurred on or after July 1, 2011. The business rate will go up to 55.5 cents per mile. JournalofAccountancy.com

  3. IRS publishes in its Spring 2011 Statistics of Income Bulletin

    Taxpayers with Adjusted Gross Income (AGI) of $200,000 or more represented over 3% of all returns filed in 2008. Taxpayers whose ages were 35 to 44 filed the most returns in the years 1997 and 2007. In 2007, taxpayers whose ages were 45 to 54 accounted for the largest percentage of AGI. News Release IR-2011-67.

  4. MHR is pleased with the success and recent feedback received on its “Redbook App.”

    MHR is pleased with the success and recent feedback received on its “Redbook App”. The iTunes app is available at no cost and is deigned to assist in all areas of redbook accounting. The “Red Book” application is designed for Florida Schools and ready for download at iTunes free of charge: Get MHRCPAs free “Redbook App” at iTunes.

  5. MHR is excited about attending the National Charter School Conference

    MHR is excited about attending the National Charter School Conference from June 20th through 23rd in Atlanta, Georgia. We look forward to seeing many of our charter school friends at the conference.