Thursday, June 30, 2011
Doug Voss Research Project
Doug Voss, UCA Professor of Transportation , has an interesting research project this summer going on with his student class; which is dear to the hearts of our trucking clients. The theme will be : “ What are the profitability implications of EOBR’s for different size motor carriers?” If you are interested in being interviewed or providing input or opinion on this matter, please contact Doug thru his email address: voss@uca.edu.
Form 2290 Filing Delays for Tax Year 2011-2012
The federal highway use tax (FHUT) form and rules may be changing in the next few months. These changes may cause delays in the 2011-2012 Form 2290 filing season. The IRS is currently not accepting any paper or e-filed Form 2290’s. An announcement on the changes to the Form 2290 is expected once the legislation is finalized.
The problem from these delays is that the Form 2290 is typically required before you can get new tags. States will accept your Schedule 1 for the Form 2290 for the previous tax year (July 1, 2010 – June 30, 2011) as proof of payment so you can renew your tags.
The IRS has recommended that you do not send in old versions of the Form 2290 for your 2011-2012 FHUT. Any payment that is sent with old versions of Form 2290 will be applied to your tax account. No schedule 1 for the 2011-2012 tax year will be issued until the current Form 2290 is filed and all tax is paid. If an old form is filed, the IRS will issue a notice requesting a current form.
Please contact Brady Pipkin, CPA or Jeff Lovelady, CPA at 501.753.9700 for more information
The problem from these delays is that the Form 2290 is typically required before you can get new tags. States will accept your Schedule 1 for the Form 2290 for the previous tax year (July 1, 2010 – June 30, 2011) as proof of payment so you can renew your tags.
The IRS has recommended that you do not send in old versions of the Form 2290 for your 2011-2012 FHUT. Any payment that is sent with old versions of Form 2290 will be applied to your tax account. No schedule 1 for the 2011-2012 tax year will be issued until the current Form 2290 is filed and all tax is paid. If an old form is filed, the IRS will issue a notice requesting a current form.
Please contact Brady Pipkin, CPA or Jeff Lovelady, CPA at 501.753.9700 for more information
Monday, June 27, 2011
Mileage Rates - Breaking News
Because of rising fuel costs, the Internal Revenue Service increased the standard mileage rate for business use of an automobile and for medical and moving expenses. The new optional standard mileage rates will apply to expenses incurred on or after July 1, 2011. The business rate will go up to 55.5 cents per mile.
Wednesday, June 15, 2011
Bell and Company Chosen for 2011 Public Service for Firms Award
I wanted to share that recently our firm was chosen for the Public Service for Firms Award by the Arkansas Society of CPAs.
Article in Newsletter
Article in Newsletter
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