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Hi All, I admit that I have made a large mistake on this subject, I spoke to the Small Business Division of the IRS ,Today 10-24-2011 with Mr. Michael Woods in Columbia, SC. I had asked him to interept the length of time that this deduction can be used. His answer is based on the IRS Code...

As of Oct 1, 2011 through September 30, 2012 the per diem rates are as follows: $59.00 per Day in the US $65.00 per day Canada There are rules that you must follow for days that you leave your main home and the day you return off the road. The rule of thumb is: you must use !/4 parts of...

FRANK’S TAX & BUSINESS SERVICES AUGUST 1, 2011 E-NEWSLETTER Don’t Be a Victim of a Scam or ID Theft The Internal Revenue Service is encouraging taxpayers to guard against being misled by unscrupulous individuals trying to persuade them to file false claims for tax credits or rebates...

Hi all. This is a question regarding the IRS Installment Plan to pay any taxes owed. Question???? Justin and Kendra are in the process of entering into an installment agreement with the IRS for their outstanding tax liability. Upon discussing the installment agreement with the revenue...

We have Available to all drivers the following items for you to request and it will be attached to your return e-mail Starting a Business Chosing Your Business Enity Chosing An Accountant for the Trucking Industry When to change your Accountant or Tax Preparation Persons Frank's Information...

Hi all, WE have available to you this months tax newletter. this letter is too large to paste into this thread, but you can request one from us at. [email protected] I will be very happy to attached this letter to your return e-mail. Franklin Katz, ATP, PA, PB...

July 25, 2011 Good Afternoon All, We appriciate all who stopped by our both at the EXPEDITOR EXPO this past weekend. We offered a special price for Accounting & Bookkeeping Fees for Tax Year 2011 to save you $150.00 If you are interested in my firm, Frank's Tax & Business These services...

Hi All, We will be at Booth # 126 this year which is to the left of Panther and to the right of Progressive Insurance Franklin Katz, ATP, PA, PB, Frank’s Tax and Business Service 120 York Rd Kings Mountain, NC 28086-3151 (704) 739-4039 Fax: (704) 739-3934 e-mail...

The IRS has relented to raise the Standard Mileage rate but they have increased it as follows: DUE TO THE HIGH COST OF FUEL: THE NEW MILEAGE RATES FOR 2011 IS AS FOLLOWS JANUARY 1, 2011 TO JUNE 30, 2011 WAS $ .51 PER MILE JULY 1, 2011 TO DECEMBER 31, 2011 IS $ .55 1/2 PER MILE Don't...

Hey all you guys from FedEX, DID you know that 2 of your former drivers hAVE STARTED a leasing of trucks for fedEx, I know you Linda who I am talking about, Phyillis and Alan, there trucls are still on , but they retired from the road. They will be wiith me at Expo sharing the same Booth...

Hi all, I hope you all who did not file your tax return by this past Monday, had filed for an extension the will allow you to postpone you filing for 6 month (Oct 15, 2011) It would depend also on the state you live in, some are done electronically and others have to be mailed in. The...

On April 14, President Obama signed legislation repealing the Form 1099 filing requirements that were imposed under the Small Business Jobs Act and the Pension Protection and Affordable Care Act. The rules would have required businesses to report any purchases of goods or services of more than...

IR-2010-119: IRS ANNOUNCES 2011 STANDARD MILEAGE RATES The Internal Revenue Service issued the 2011 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, 2011, the standard...

THIS RULING DOES NOT PERTAIN TO FED EX CUSTOM CRITICAL YET, BUT IT MIGHT IN THE FUTURE FedEx Drivers In Multidistrict Litigation Largely Held To Be Independent Contractors In re FedEx Ground Package System, Inc., (DC IN 12/13/2010) In a multidistrict litigation (MDL) in which delivery drivers...

due to the lateness of the President signing the Tax REleif Act of 2010 on December 22, 2010 the IRS is Stateing the following: 2010 Tax Relief Act Delays Start of 2010 Filing Season for Some Taxpayers IR 2010-126 Many taxpayers planning to file their 2010 tax returns early have been...

Year-End Tax Planning Client Letter With Checklists Dear clients, and future clients The midterm elections have changed the Congressional landscape, with Republicans winning control of the House of Representatives and picking up seats in the Senate. Even so, it's still too early to know...

Afternoon All, I have been attending a few tax update seminars over the last week and a half. Here is the tax information that you might be interested in. Prior to the New Small Business Jobs Act of 2010 the penalty is $50.00 for each return with respect to such failure occurs during any...

It seems that Congress is trying to get every tax dollar they can. They rejected of not filing the information return on all expenses no matter what they are. Right now, buying fuel, maintenance, repairs, tires, even your meals are going to have to get information from the vendor of the...

Previously before the Jobs act was passed the deductible Heath Insurance for themselves adn there families self employed were not permittedfor the purpose of calculating self-employment tax. For the 2010 tax year you now are able to deduct the Health Insurance Premimuns for Self employed...

Hi All, Under the act signed by the President (publkic Law-111-240 "THE SMALL BUSINESS LENDING FUNDING ACT", H.R. 5297) ((ITS CALLED THE SMALL BUSINESS JOBS ACT OF 2010)) It brings up provisions of large changes in the current law. and this is one of them used as a revenue raiser...