Standard Mileage Rates for 2012 Released

by Jim Wagoner, CPA | Partner, Tax Services Group The IRS released the standard mileage rates for use in 2012. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. Business use of an automobile remains at 55˝ cents per mile. For medical or moving expenses, it is 23 cents per mile (a ...

Social Security Employee Tax Reduction will Last at Least Another Two Months

by Brandon Cook, CPA | Partner, Tax Services Group The way things are now: Under a tax law passed last year, the usual 6.2 percent OASDI rate for employees was reduced by 2 percent. A comparable tax break is available to self-employed individuals. However, employers aren’t eligible for any reduction. For employers, the 6.2 percent OASDI tax rate ...

Should You Act Now to Lock in Lower Interest Rates?

by Anita Sherman, CPA and Larry Greenwalt, CPA Interest rate swaps have been used for a number of years to hedge against rising interest rates. In the last several years, this technique has become more commonly used with mid-sized companies. SWAPS are useful in hedging against intermediate and long term loan interest rate risk, which makes SWAPS ...

Repeal 3% Withholding Requirement and Credit for Hiring Veterans

by Marie Jett, CPA | Manager, Tax Services Group Back on November 21, President Obama signed into law P.L. 112-56, “3% Withholding Repeal and Job Creation Act”. Back in 2005, Congress passed a law that would require federal, state, and local governments to withhold 3% from payments made to entities providing services or goods to those governments. ...

COLA 2012 Updates

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group The Social Security Administration (SSA) recently announced cost-of-living adjustments (COLAs) for 2012. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not drained by inflation. It is based ...

Bid-Hit Ratios and How They Apply to Contractors

by Tim Ayler, CPA and Alicia Rader, CPA | Team Members of the Construction Services Group Many contractors equate success to winning bids. While that certainly is partially true, there are several other factors which determine how successful the bidding process really is. As of late, many contractors are putting less markup in their bids in order ...