Monthly Archives: December 2011

IRS and Treasury Department Publish Temporary Regulations on Treatment of Tangible Property

WASHINGTON—The Internal Revenue Service and Treasury Department today published in the Federal Register temporary regulations that provide guidance to taxpayers on the treatment of amounts paid to acquire, produce or improve tangible property and regarding the accounting for, and dispositions … Continue reading

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IRS Announces New Advisory Council Members

WASHINGTON — The Internal Revenue Service today announced the selection of seven new members to the Internal Revenue Service Advisory Council (IRSAC), which provides an organized public forum for IRS officials and representatives of the public to discuss key tax … Continue reading

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New Tax Guide Helps People Save on Their 2011 Taxes

WASHINGTON— Taxpayers can get the most out of various recovery tax benefits and get a jump on preparing their 2011 federal income tax returns by consulting a newly revised comprehensive tax guide now available on IRS.gov. Publication 17, Your Federal … Continue reading

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Special Tax Credit in 2011

WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2011 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the … Continue reading

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IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July

WASHINGTON — The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2012, the standard mileage rates … Continue reading

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