2016 Automobile Mileage Rates

The IRS released the 2016 standard mileage rates for business, medical and moving in December. The rates have decreased from 2015, probably due to the decrease in the cost of gasoline.  Effective January 1, 2016, the standard mileage rates for the use of an automobile are as follows: 54 cents per mile for business miles Read more about 2016 Automobile Mileage Rates[…]

IRS Audit

The tax case, Onyekwena v. Commissioner, USTC 2012-37, provides a very vivid example of the IRS’s auditing and examining power.  The taxpayer in this case was a CPA who owned several businesses, all operated as a sole proprietorship.  With reports of increased audits of individual tax returns with a Schedule C, this case is a Read more about IRS Audit[…]