PENAN & SCOTT, P.C.

Tax Alerts

Tax Briefing(s)

2011 Tax Year In Review

IRS releases business standard mileage rate for 2012
The business standard mileage rate, which many employers use to reimburse employees for business miles driven, is 55.5 cents-per-mile for 2012, the IRS has announced. This reflects no change from ...

IRS relief for IRA owners entering into broker indemnification agreements
The IRS is providing temporary relief for owners of individual retirement accounts (IRAs) who have entered into indemnification agreements with brokers that may result in prohibited loan transactio...

IRS reminds dual citizenship taxpayers to report foreign accounts
The IRS recently reminded dual citizenship taxpayers and U.S. citizens residing abroad to file U.S. income tax returns and, if appropriate, Form TD F 90-22.1, Report of Foreign Bank and Financial A...

IRS revises regulations for capitalization of tangible assets
Just before year-end 2011, the IRS issued much-anticipated revised regulations on the capitalization of tangible assets. The IRS withdrew proposed regulations issued in 2008 and issued temporary an...

IRS updates Form 940 for mid-year expiration of FUTA surtax
The IRS has updated Form 940 to reflect the mid-year 2011 expiration of the 0.2 percent FUTA surtax. FUTA taxes for 2011 will be calculated using two rates, the IRS explained.Mid-yea...

DC - Bill creates high-income tax bracket and rate, amends itemized deductions, bond interest income, more
District of Columbia emergency legislation amends the Fiscal Year 2012 Budget Support Act of 2011, Act 19-98, which was effective September 14, 2011, by revising income and withhol...

MD - Emergency status provided for green energy regulations
The Maryland Joint Committee on Administrative, Executive and Legislative Review (AELR) has granted emergency status for the corporate and personal income tax regulations pertainin...

VA - Domestic production deduction properly allocated
A taxpayer that filed a federal consolidated corporate income tax return and a separate return for Virginia corporate income tax purposes properly claimed the IRC §199 deduction on...

1451 Rockville Pike

Suite 400

Rockville, Maryland 20852

Phone 301.838.0803

PENAN & SCOTT, P.C. is pleased to present a profile of our firm and the services we provide. This Website has been designed to become a helpful resource tool to you, our valued clients and visitors.