Accounting Position Available

We are recruiting for one of our clients for an accounting position. This position is for a full charge general ledger person with extensive knowledge of Peachtree Accounting software. This is a full time position and salary will be based on experience.
Please fax a resume to 678-216-0617 or email danny@ptfs.biz.

Unemployment Compensation

Due to the second depression, many people still cannot find employment. So, you apply for unemployment compensation. This must be included in your income and it is TAXABLE.
You can have federal and state withholding taken out of the check.

New Business Mileage Rates

IRS has announced an increase in the optional mileage rates for the final six months of 2011.
Business rate is now 55.5 per mile;
23.5 for medical;
14 for charitable.
This is due to the higher gas prices - thank you IRS.

Business Meals and Entertainment Expenses

To deduct these expenses, the IRS indicates the taxpayer must establish that the expense was "ordinary and necessary" in carrying on the trade or business.
To substantiate the expense, the following information is necessary (1) The amount and description of each expense (2) the time and place (3) the business purpose of the activity and any business benefit (4) the nature of the business discussion (5)the business relationship to the person.

WOW - who is doing that?

I believe that the requirements would be met by retaining your receipt (1 and 2)and on the back write the purpose and benefit and the nature of the discussion and the business relationship (3,4,&5).
Attach these receipts to an expense report or a statement which should substantiate the expense.

Thanks Julie.

Home Buyer Credit News

Eligible taxpayers who contracted to buy a home qualifying for the first-time homebuyer credit before the end of April now have until September 30, 2010 to close the deal according to the Internal Revenue Service.
This is a change from the June 30 closing date.
Hello to L in Hawaii. Don't forget Dukes on Sunday.