Tax season moves quickly, and at the end of this week, there will be a short four weeks left until the individual tax deadline is upon us. There have been a number of developments since our last posting, so below you’ll find some of the highlights you may have missed.
- The IRS has gotten its computer systems up to date with the “Fiscal Cliff” legislation, passed in early January. This means all tax returns can now be filed, as the final forms have been released, and tax software providers have gotten their updates in place. This is a full three weeks faster than anyone expected.
- Intuit, the maker of TurboTax, as well as several professional-grade tax software programs, ran into significant issues with the Minnesota tax return, leading to about 10,000 tax returns being delayed. Intuit had until today to get the issues corrected, and says they have notified anyone who was affected. We use a different software provider. This is a great example of the importance of having a tax professional working for you – the software can’t always be trusted to get the right result.
- Governor Dayton removed the “business to business” sales tax from his proposed budget, which is great news. If left in place, professional services, like accounting and legal services would have been subject to sales tax.
- The Standard Mileage Rate for business miles driven in 2013 is 56.5 cents per mile.
Corporate taxes are due by this Friday, March 15th, and as always, we’re here to help with your tax and accounting needs.