IRS releases business standard mileage rate for 2012
The business standard mileage rate, which many employers use to reimburse employees for business miles driven, is 55.5 cents-per-mile for 2012, the IRS has announced.  This reflects no change from ...

IRS relief for IRA owners entering into broker indemnification agreements
The IRS is providing temporary relief for owners of individual retirement accounts (IRAs) who have entered into indemnification agreements with brokers that may result in prohibited loan transactio...

IRS reminds dual citizenship taxpayers to report foreign accounts
The IRS recently reminded dual citizenship taxpayers and U.S. citizens residing abroad to file U.S. income tax returns and, if appropriate, Form TD F 90-22.1, Report of Foreign Bank and Financial A...

IRS revises regulations for capitalization of tangible assets
Just before year-end 2011, the IRS issued much-anticipated revised regulations on the capitalization of tangible assets. The IRS withdrew proposed regulations issued in 2008 and issued temporary an...

IRS updates Form 940 for mid-year expiration of FUTA surtax
The IRS has updated Form 940 to reflect the mid-year 2011 expiration of the 0.2 percent FUTA surtax. FUTA taxes for 2011 will be calculated using two rates, the IRS explained.Mid-yea...

ME - 2012 withholding tables released
Maine Revenue Services has released the 2012 personal income tax withholding tables. In addition, a supplement to the withholding tables is available containing 2012 percentage met...

MA - Circuit breaker credit eligibility thresholds released
The Massachusetts Department of Revenue has released the 2011 income and assessed valuation threshold amounts, and the maximum available credit amount, applicable to the refundable...

NJ - Madoff victims entitled to refunds
Taxpayers, who were victims of the Madoff Ponzi scheme, were entitled to file amended New Jersey gross (personal) income tax returns for 2005 through 2007 to claim refunds for inte...

NY - Application for award of administrative costs denied
A taxpayer was not entitled to an award of administrative costs under Tax Law §3030 with regard to a New York sales and use tax settlement, even though the taxpayer established tha...

RI - Regulation on direct mail, filing requirements, and purchaser liability adopted
The Rhode Island Division of Taxation has adopted a regulation to conform with certain Streamlined Sales and Use Tax Agreement (SST) provisions regarding direct mail, relief from l...

VT - Health care reform financing listening sessions scheduled
The Vermont Agency of Administration is hosting four listening sessions across Vermont to help inform the design of future health care reform financing plans. The sessions will inc...