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.

Obama And GOP Compromise On Two-Year Extension Of Most Tax Cuts

President Obama announced on December 6 an agreement with the GOP to extend the Bush-era individual and capital gains/dividend tax cuts for all taxpayers for two years. The White House-brokered plan would also provide for a one-year payroll tax cut, 100 percent bonus depreciation for 2011, extenders relief, and a top federal estate tax rate of 35 percent with a $5 million exclusion. The president’s package is expected to pass Congress before year-end, although certain modifications may be made to garner additional support by key Democrats.

Other than with a few exceptions, beginning January 1, 2011; all federal tax deposits must be made through EFTPS (the Electronic Federal Tax Payer System).

For those of you who are still making payroll (941/940) and other tax (1120) deposits at the bank using a  paper coupon, be aware that no 8109-B paper coupons will be accepted for 2011.

In today's heightened security-concerned world, it is important to monitor your credit reports occasionally so you will be aware of any unauthorized use of your credit file, before it runs rampant.

To help you monitor your credit usage, credit report monitoring is the basics.  Keep in mind everyone is entitled to one free credit report annually and unlimited free reports if you feel you have been a victim of identity theft, have been denied credit, are unemployed, receive welfare, or other criteria.

Attention Non-Profit organizations.

Please visit this IRS "Micro-Site"  http://www.stayexempt.irs.gov/VirtualWorkshop.aspx

The IRS introduces this site as

...created especially for 501(c)(3) organizations! Whether you are new to the world of tax exempt organizations, an old hand at managing them, or a tax professional who works with them, you will find something of interest here.

Lots of great information including the "OE Mini Courses," which are Exempt Organizations powerpoint courses to help you maintain a better organization,