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Increase in Mileage Rates
The IRS has announced that the standard business mileage rate will increase from 50.5¢ to 58.5¢ for business travel from July 1, 2008 to December 31, 2008. The standard medical mileage rate will also increase from 19¢ to 27¢ for qualified medical travel. These changes were enacted to reflect the real cost of operating a vehicle during this period of rapidly rising gas prices.
Save 30% on Quickbooks Checks and Supplies
As Quickbooks ProAdvisor's, we are offered discounts for Quickbooks checks and supplies that we can pass on to our clients. In order to take advantage of this 30% off discount, order online at www.intuitmarket.com/C39739 or call 1-800-433-8810 and mention special offer code C39739.
IRS Warns of Bogus E-mail Scams
The Internal Revenue Service has alerted taxpayers about Internet scams in which fraudulent e-mails are sent that appear to be from the IRS. The e-mails direct the consumer to a Web link that requests personal and financial information, such as Social Security, bank account or credit card numbers. The practice of tricking victims into revealing private personal and financial information over the Internet is known as “phishing” for information.
The IRS also reiterated that it does not:
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Notify taxpayers of refunds via e-mail;
- Require taxpayers to complete a special form, or provide detailed financial information to obtain a refund;
- Have an Antifraud Commission or the authority to freeze a taxpayer’s credit card or bank account because of potential theft or fraud perpetrated against the taxpayer; and,
- Handle lottery distributions.
See the below article under the heading "IRS Establishes e-Mail Box for Taxpayers to Report Phony e-Mails" to find out how to report suspicious emails to the IRS.
Electronic Federal Tax Payment System (EFTPS) Scam Alert
Taxpayers are now encountering a new e-mail scam that uses the Treasury Department's Electronic Federal Tax Payment System (EFTPS) “as a hook to lure individuals into disclosing their personal information,” IRS warned on July 19. The EFTPS allows businesses and individuals to pay all their federal taxes online or by phone. The latest e-mail scam looks like a page from the agency Web site, is replete with grammatical errors and typos, and claims to be from the “IRS Antifraud Commission” (sic), a fictitious group. The e-mail claims someone has enrolled the taxpayer's credit card in EFTPS and has tried to pay taxes with it. The e-mail also warns of fraud attempts involving the taxpayer's bank account. Finally, it claims money was lost and “remaining founds” (sic) are blocked, and directs recipients to click on a link that asks them to provide personal information in order to recover their funds. Taxpayers are urged to send any information about suspicious e-mails they receive to phishing@irs.gov .
IRS Establishes e-Mail Box for Taxpayers to Report Phony e-Mails
The Internal Revenue Service has established an electronic mailbox for taxpayers to send information about suspicious e-mails they receive which claim to come from the IRS. Taxpayers should send the information to: phishing@irs.gov. For more information, click here.
Your Vehicle's Gross Vehicle Weight
Do you know what the gross vehicle weight (GVW) is for your business vehicle? If not, this information can be found in either of two places. The actual GVW of your vehicle can be found on the metal plate on the inside of the driver's side door. Or you can find the GVW of your car's make and model by going to www.intellichoice.com. After choosing either "Research New Cars" or "Research Used Cars" (depending on the vehicle year), follow the series of links until you arrive at your vehicle's specifications.
Health Savings Accounts
Because no two individuals have the same medical expense costs for either health insurance premiums or for actual medical expenses, the advantages and disadvantages of a health savings account plan compared to a traditional medical insurance plan must be analyzed on a case-by-case basis. To help you nagivate through these choices, here are two informative links regarding health savings accounts: www.hsabank.com or www.hsainsider.com.
Social Security Website Benefit Calculator
The Social Security Administration has launched a new Internet service which offers three increasingly detailed levels of benefit estimates. The simplest, "quick calculator," asks only for a person's age and current-year earnings. The most sophisticated requires the user to download software onto a home computer and allows him or her to try out various retirement scenarios. This new benefit calculator can be found at the Social Security's website at www.socialsecurity.gov/retire2.
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