Optional Mileage Rate Increased for 2001

According to the IRS, if you own or lease an automobile used in your trade, business or profession, the new optional standard mileage rate is 34.5 cents per business mile, up from 32.5 cents in 2000. The mileage allowance is in lieu of a separate deduction for lease payments, depreciation, maintenance, repairs, gas, oil, insurance, tires, and license and registration fees. However, parking and tolls related to business purposes can be deducted in addition to the optional rate. The 34.5-cent rate includes a depreciation component (15 cents) that reduces the adjusted basis of the auto for future gain and loss calculations.

The rate for charitable use of an automobile in 2001 remains at 14 cents per mile, while the rate for using an automobile for medical or moving purposes is 12 cents per mile, up from 10 cents last year (revenue procedure 2000-48, IRB 2000-49).


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.