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Archives for December 2015

New law allows revocation of passports for delinquent taxpayers

On December 4, President Obama signed into law the Fixing America’s Surface Transportation (FAST) Act. While the main purpose of the legislation is to provide funding through 2020 for highways and other transportation projects, the bill also contains several new provisions designed to recover unpaid taxes, including requirements that the Internal Revenue Service (IRS) use private debt collection agencies and that the U.S. State Department refrain from issuing or renewing passports for certain taxpayers with outstanding tax debts in excess of $50,000.

For more information, visit our “Tax Guide Online” website and click on the “What’s New” button, where we provide details about this update.

We encourage you to visit our website today and often throughout the year. If you have questions on these or other topics, please contact us. We look forward to hearing from you!

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Two year end tax updates

First, the IRS has released mileage rates for 2016. The business rate has decreased from 57.5 cents to 54 cents; the moving and medical rate is decreasing from 23 to 19; and the charitable rate will stay at 14 cents.

Second, Congress has come to an agreement on a tax extenders bill. While Congress waiting until the end of the year to pass this bill is nothing new, there’s some good news this time around: many provisions will be renewed for multiple years, and a few (including the increased Section 179 deduction) will be made permanent. It’s important to note that this isn’t a done deal, but many Hill watchers expect the bill to be passed in its present form.

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