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§ SEAN T. SULLIVAN, CPA, PC §
Certified Public Accountant
 

Monday, February 06, 2012

Email me

513 Lincoln Avenue
Erie, Pennsylvania 16505.2451

Telephone  ~  814.455.3089
Facsimile  ~  814.455.7646
E-mail  ~  seancpa@seancpa.com
 

INTERNAL REVENUE SERVICE (IRS) CIRCULAR 230 NOTICE - To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. Federal tax advice contained in or accessed from this web site (including attachments) is not intended or written to be used, and cannot be used, by the reader/recipient for the purpose of (a) evading taxes or penalties under the Internal Revenue Code, or, (b) promoting, marketing or recommending to another party any transaction or matter addressed herein.
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TAX PLANNING

INTERNAL REVENUE SERVICE (IRS) CIRCULAR 230 NOTICE - See notice at left of page.

**  Your tax advisor should always be consulted before undertaking any tax planning, as results vary from taxpayer to taxpayer. **

2011 TAX PLANNING CONSIDERATIONS

INDIVIDUAL TAX PROVISIONS

    Standard mileage allowances for 2011 ~ effective January 01, 2011, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be ~

  • 51 cents ($.51) per mile for business use ~ January 01, 2011 through June 30, 2011
  • 55.5 cents ($.555) per mile for business use ~ July 01, 2011 through December 31, 2011
  • 19 cents ($.19) per mile driven for medical or moving purposes ~ January 01, 2011 through June 30, 2011
  • 23.5 cents ($.235) per mile for medical or moving purposes ~ July 01, 2011 through December 31, 2011
  • 14 cents ($.14) per mile for services of a charitable organization for 2011

 

TAX EXEMPT ORGANIZATIONS

    Tax year 2010 filing requirements for Organizations with GROSS RECEIPTS ~

  • Normally less than $50,000 ~ Form 990-N (may optionally file Form 990-EZ or Form 990)
  • Greater than $50,000 but less than $200,000, with total assets less than $500,000 ~ Form 990-EZ (optionally Form 990)
  • Greater than $200,000 and total assets greater than $500,000 ~ Form 990
  • All private foundations must file Form 990-PF only

 
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