Mileage Rate Increases July 1 - IRS

The IRS has just announced an increase in the mileage rate for workers that are not reimbursed by their employers. The new rates are as follows:

- 55.5 cents per mile for workers who use their car for business (not misremembered) on their tax returns. This is an increase from 51 cents prior to July 1, 2011

- 23.5 cents for people who use cars for medical or moving purposes on their tax returns- up from 19 cents earlier in the year

- 14 cents for motorists who use their cars for charity work on their tax returns - no change

According to the IRS, the changes, which normally take place in the fall, were in reaction to the high fuel prices this year.

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Excelsior CPA Website Reaches #1 in Google

MyAccountingWebsite.com is happy to announce that their Excelsior CPA website has reached the #1 position in Google and Bing. In 2010, Excelsior had around 9K income tax filings with an average income of around $176K Per Person - above the national average.

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Taxpayer ID Theft Is On The Rise - Tax Refund Fraud

The AP just released a story here on the growing problem of ID theft and taxpayers. In these types of cases a thief, using your social security number will file a tax refund request and receive your refund check - often times prior to you filing and finding the problem.

Here are some of the highlights from the article:

- Taxpayer Identity theft has increased from 51,702 in 2008 to 248,357 in 2010 - nearly a five fold increase in two years.

- Many identify theives don't get prosecuted - the IRS only pursues criminal investigation in a small number of income tax fraud cases. in 2010, they only started 4700 investigations of all types.

- IRS Commissioner Douglas Shulman claims that 95 percent of those prosecuted for tax refund-related identity theft go to prison

- Tax identity thieves typically submit returns for tax refunds early on in the filing season. The legitimate taxpayer usually files a bit later, and only then learns from the IRS that two tax returns were filed using the same Social Security number.

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