Quickbooks, Bookkeeping and Accounting Blog

If you want your accountant to make adjustments to your books, but cannot give up access to QuickBooks while your accountant is making the changes, then create and give your accountant an Accountant’s Copy of your QuickBooks file. After your accountant has made all necessary adjustments, you can import them into your current QuickBooks company […]

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The IRS just announced that interest rates will drop by 1% on April 1, 2008 to:

6% for overpayments (5% for corporations)
6% for underpayments
8% for large corporate underpayments
3.5% for the portion of corporate overpayments that is above $10,000.

The IRS determines the interest rate on a quarterly basis based on the federal short-term rate.

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The 2008 standard mileage rate, which is used to calculate the deductible cost per mile of driving an automobile for business purposes, is the highest it has ever been. The standard rates, which went into effect on January 1, 2008, are as follows:

business miles driven: 50.5 cents per mile
miles driven for medical and moving purposes: […]

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Most taxpayers won’t have to do anything extra to receive their economic stimulus payments, which will begin going out in May. “If you are eligible for a payment, all you have to do is file a 2007 tax return and the IRS will do the rest,” said Acting IRS Commissioner Linda Stiff.
Payments to over 130 […]

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