Yearly Archives: 2015

The IRS to hire private collection agencies

Collection agencies

From 2006 through 2009, the IRS contracted with a number of private debt collection companies with very limited success.  In fact the IRS argued that it could be more efficient handling the work internally.

In the recently passed Federal Highway Funding bill, Congress has restarted the use of private debt collection companies. …

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The IRS releases the mileage reimbursement rates for 2016

Mileage reimbursement rates

Just released from the IRS the 2016 mileage reimbursement rates, the optional standard mileage reimbursement will be $0.54 per mile in 2016, down from $0.575 per mile in 2015.

Medical and moving reimbursement rates dropped by four cents in 2016 to $0.19 per mile.  Rates applicable for rendering gratuitous services to a charitable organization will remain unchanged at $0.14 per mile.…

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Form 5500 Filing Dates

Form 5500

Benefit plans must annually file Form 5500 with the IRS by July 31 but they can extend that deadline.  The forms present the inflows and outflows from the plan as well as the fees paid and to whom.  The form presents a balance sheet for the benefit plan as shows who received benefit payments.…

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401(k) – Did Dave get it wrong?

401(k)

As many know I am a former instructor in Financial Peace University, the Dave Ramsey Course that has led thousands to a better life through financial discipline.  The FPU program is often held by churches but has been customized for students, military and business audiences.  It teaches budgeting as a family, agreement on spending, planning and saving for emergencies, getting and staying out of debt and retirement savings.…

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The IRS issued Special Per Diem Rates for 2015-2016 travel

Most companies reimburse employees for actual expenses incurred but some use an alternative per diem rate.  The IRS annually updates the rates that they consider allowable payments to employees on a per diem basis.

The new rates apply to travel between October 1, 2015 through September 30, 2016 and are intended to reimburse the employee for lodging, meals and incidental costs paid or incurred for business-related travel away from home. …

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