PWCPA Blog
IRS Mileage Rates
The IRS has increased the standard mileage rates to be used in computing the deductible costs of operating a vehicle for business or when driving for medical or moving reasons. The new rates will apply to vehicle mileage starting January 1, 2013. The revised rates are...
Toys For Tots ~ Holiday Stroll 2012
Peter Witts, CPA PC and other Bridgewood Plaza Businesses will again be hosting a Holiday Stroll. Come down to the Bridgewood Plaza and get into the Christmas Spirit. Events at the Holiday Stroll include: Scavenger Hunt Raffle Prizes Free Samples Pictures with Santa...
Change in Allowable Airfare: What’s the Impact?
In our most recent newsletter there was an article that discussed changes to allowable airfare. Just in case you missed it here is a link to the article. If you like the article feel free to sign-up for our bi-weekly newsletter at the bottom of the page!
Basis Reporting Requirement Delayed
A law passed in 2008 requires brokers to report an investor’s basis in stocks and mutual fund shares when these investments are sold. The final step in these new reporting requirements was to become effective for debt instruments and options on January 1, 2013. The...
IRS Scams
The IRS recently released a consumer alert about possible scams that are taking place in the aftermath of Hurricane Sandy. Many people have been getting fooled by fake charities that are trying to solicit money and personal information. These scams can take many forms...
IRS Makes Exceptions on Retirement Plan Distributions to Aide Sandy Victims
In a recent press release by the IRS, the service announced exceptions to certain tax rules regarding loans and hardship distributions from retirement plans. If you live in a disaster area or have family or other dependents that live in a disaster area affected by...
Buying and Selling Stocks
You can often manage the size of your gain or loss when you decide to sell some, but not all, of a particular stock or mutual fund. To do this, you must have kept good records of the date and the price for each share purchase. By selling the highest cost shares first,...
DoD Makes Big Changes to IR&D Reporting
As of January 30th, 2012 the DoD added reporting requirements to Unclassified Independent Research and Development (IR&D) projects. DFARS 231.205-18 and specifically section DFARS 231.205-18 (c)(iii) now requires contractors to report unclassified IR&D...
Tax On U.S. Savings Bonds
When you own Series EE or Series I savings bonds, you have a tax decision to make. Both types of bonds earn interest monthly. Usually, you’ll choose to defer paying any taxes on the interest until the bond reaches final maturity or you redeem it, whichever comes...