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IRS Updates Mileage Rate...Again
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The IRS has raised the mileage rate for the second half of 2011, just two weeks after releasing a statement to the contrary. The increases in gas prices this year are behind the decision.
This issue features information about the new mileage rate. In addition, see below to learn how you can avoid violating IRS regulations when issuing payments to vendors without a TIN on file.
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| Patrick Harbin – Editor
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Mileage Rates |
Starting this Friday, the IRS standard mileage rate increases by 4.5 cents, which allows business travelers to better absorb the cost of increased gas prices.
See IRS Raises Mileage Rate Mid Year on TAPC.
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Presumption Rules |
Most organizations require vendors to submit W-9s as part of their purchasing policies. However, if a vendor fails to provide a W-9 – or any documentation of their tax ID – IRS presumption rules recommend you:
- You must presume the payee is an individual, trust, or estate if the payee appears to be such (based on the name or other indicators).
- If no such indicators exist, then you must presume the entity is a corporation or one of the persons enumerated under Treasury Regulation 1.6049-4(c)(1)(ii)(B).
- If the entity cannot be considered any of the above, then you can presume it to be a partnership.
Sign up for The Accounts Payable Network's upcoming webinar,
The Critical Role of Accounts Payable Departments in Ensuring Regulatory Compliance and Reducing Financial Risks for Your Organization, featuring John Foertschbeck, CPA, and Lynda Foertschbeck with IRSCompliance, Inc. Earns 1.5 CEUs.
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Just for Fun! |
While summer vacation is typically a time for children to exchange their responsibilities for fun, there are no restrictions on grownups getting in on the action. See 10 Summer Kids Toys that Grownups Would Love.
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