Managing the Global Mobility Function 2012: Now Available
Tag Archive
US: IRS Announces Discontinuance of “High-Low Method” for Substantiating Travel Expenses
On July 19, 2011, the U.S. Internal Revenue Service (IRS) released an advance copy of Announcement 2011-42 (the Announcement) advising taxpayers that it intends to discontinue authorizing the high-low per diem method for substantiating lodging, meal, and incidental expenses incurred while traveling away from home. This change was proposed in Revenue Procedure 2010-39 which... »
U.S. IRS Increases Standard Mileage Rates Effective July 1, 2011
On June 23, 2011, the U.S. Internal Revenue Service (IRS) released an advance copy of Announcement 2011-40, which increases the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, medical, moving expense, or charitable purposes. »
US: IRS Modifies Deadlines for Disaster-Area Taxpayers
The relief is granted to taxpayers who reside or have a business in the specified counties of certain states. Penalties are waived for filings or payments due during a certain period, so long as the filings or payments were completed by the end of that period. In addition, failure-to-deposit penalties are waived for employment... »
US: IRS Launches New Voluntary Disclosure Program
The U.S. Internal Revenue Service (IRS) has launched a special voluntary disclosure initiative — the 2011 Offshore Voluntary Disclosure Initiative (2011 OVDI) — designed to allow taxpayers to bring funds located offshore back into the U.S. tax system and to help those with undisclosed income from offshore accounts to resolve their federal income tax... »
US: IRS Waives some Time Requirements of Sec. 911
The U.S. Internal Revenue Service (IRS) announced on February 25, 2011, that the eligibility requirements of Internal Revenue Code (I.R.C.) section 911 are waived in relation to Cote d’Ivoire (Ivory Coast) and Haiti for the 2010 tax year because adverse conditions precluded the normal conduct of business in these countries.1 This means that taxpayers... »
US: April 18 Filing Deadline
The U.S. Internal Revenue Service (IRS), in Notice 2011-171, reminds taxpayers that the filing deadline for all tax forms and payments required to be filed or completed on or before April 15, 2011 will be Monday, April 18, 2011. »
US: FY2012 Budget Released
On February 14, 2011, U.S. President Barack Obama released his administration’s budget proposals for fiscal year 2012 (beginning October 1, 2011).1 The U.S. Congress is responsible for drafting the relevant statutory language and for approving the measures included in the budget. This summarizes certain provisions included in the budget proposals that may affect individual... »
US: IRS Releases New Sec. 911-Related Housing Cost Limitations
The U.S. Internal Revenue Service (IRS) released an advance copy of Notice 2011-8,1 which provides adjustments to the limitation on housing expenses for purposes of section 911 of the U.S. Internal Revenue Code (I.R.C.) for certain specified foreign locations with high housing costs relative to housing costs in the United States for 2011. »
US and 2011 Adjustments
The U.S. authorities have released certain inflation-adjusted income tax items, the social security wage base threshold, and pension limits, that will apply for 2011. »
US IRS on Scams, Taxpayer Fraud Schemes
The U.S. Internal Revenue Service (IRS) has issued a warning on current scams and phishing sites posing as the IRS. One recent fraud targets users of the Electronic Federal Tax Payment System (EFTPS).2 Users of EFTPS may receive an e-mail claiming that a tax payment has been rejected, and directing recipients to a Web site... »