WSW - Certified Public Accountants

IRS Changes Mileage Rates

Due to rising gas prices, the IRS is making a mid-year change in the standard mileage reimbursement rates for 2011.  The new rates will go into effect on July 1, 2011 and are as follows:

Flooding & Tax Ramifications

Flooding in Middle Tennessee has caused tremendous damage. Much of the damage will not be covered by insurance. If you have suffered damage or loss to property, which is not fully covered by insurance, you may be entitled to a federal casualty loss deduction....

Hire Act Update

Please click here to view and print the 941 Form that has been adjusted to account for any employees you may hire and the wages eligible for exemption from the matching FICA tax as well as Form W-11 which is used to verify that a newly hired employee is eligible for this treatment.

Tax Relief Act Update

Congress has approved, and President Obama is expected to quickly sign, the Tax Relief / Job Creation Act of 2010. The 2010 Tax Relief Act extends the Bush era individual and capital gains/dividend tax cuts for all taxpayers for two years. The bill also provides for an AMT “patch,” a one‐year payroll tax cut, 100 percent bonus depreciation through 2011 and 50 percent bonus depreciation for 2012, a top federal estate tax rate of 35% with a $5 million exclusion, and more.