Cell phones removed from listed property category

Cell phones have become so ubiquitous that the Small Business Jobs Act of 2010 has  eliminated the need to create special record-keeping by taxpayers for employer-provided cell phones.

 

IRS makes mid-year 2011 adjustment to business standard mileage rate

For the third time in six years, the IRS announced a mid-year adjustment to the business standard mileage rate because of rising gasoline prices. The business standard mileage rate increased from 51 cents-per-mile to 55.5 cents-per-mile for the second half of 2011 and into 2012.