Year: 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.  The private firms… Read more »

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… Read more »

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… Read more »

U.S. Chamber of Commerce Names B2B CFO® among Nation’s Top 100 Small Businesses at the 2015 Small Business Summit

B2B CFO wins Dream Big Award

B2B CFO®’s Founder Jerry L. Mills brings top concerns of Small Business Owners and discusses Free Enterprise with members of Congress and Press B2B CFO®, the nation’s largest CFO and Exit Strategies firm for growth-oriented, privately held companies, was honored by the U.S. Chamber of Commerce with the prestigious Blue Ribbon Award. Selected from a… Read more »

IRS raises HSA levels for inflation

Taxes Road Sign With Arrow

In Rev. Proc 2015-30, released earlier this month, the service adjusted deductions for annual Health Savings Accounts (HSA) for 2016. “For calendar year 2016, a “high deductible health plan” is defined under § 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family… Read more »