IRS Updates

Sales tax. The IRS has issued a publication dealing with the new itemized deduction for sales tax.   Click here for the PDF file.

Nonqualified deferred compensation. The IRS has issued extensive guidance on the new rules for nonqualified deferred compensation. Click here for the PDF file.

Standard mileage rates. For 2005 the optional standard rate for business mileage goes up from 37.5 cents per mile to 40.5 cents per mile, which includes depreciation at 17 cents per mile. The 2005 mileage rate for medical or moving expenses goes up to 15 cents per mile, but the rate for charitable miles remains at 14 cents per mile.