Email: donelias@eliastax.com

Obtain a Free Copy of Your Credit Report: The FTC recently mandated that each credit bureau provide consumers with a free report each year. The bureaus don't offer the free report directly to consumer; you must order your report via the FTC's webpage at www.annualcreditreport.com.

Missing Your Refund Check? The Internal Revenue Service is looking for 87,485 taxpayers whose income tax refund checks could not be delivered. Checks totaling more than $73 million can be reissued as soon as taxpayers correct or update their addresses with the IRS. More...

IRS Simplifies Tax Deposit Rules for Small Business: The Internal Revenue Service announced it will increase the minimum threshold for Federal Unemployment Tax Act (FUTA) deposits, a move that will reduce burden for more than 4 million small businesses. More...

IRS Officials Urge Care for Those Making a Car Donation; New Law Changes Rules at End of the Year: The Internal Revenue Service issued a consumer alert to help taxpayers avoid potential pitfalls when they donate their automobiles to charities. More...

IRS Warms Business and Retirement Plans Against Abuses Involving ESOPs and S corporations: The Internal Revenue Service has issued letters to approximately 1,700 businesses and retirement plan sponsors alerting them to new income and excise taxes applicable to S corporation employee stock ownership plans (ESOPs) and warning of the consequences of participating in abusive schemes involving ESOPs and S corporations. More...

Standard mileage rate increases by 3¢ for 2005: IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is 40.5¢ for business travel after 2004. That's 3¢ more than the 37.5¢ allowance for 2004 business travel. This largest-ever year-to-year mileage-rate increase is due to higher prices for vehicles and fuel. More...