Electronic Federal Tax Deposit Requirement for 2011

Beginning January 1, 2011 you can no longer make Federal Tax deposits (1120, 940, 941) using forms 8109 coupons. You can register for online Electronic Federal Tax Payments System (EFTPS) payments at www.eftps.gov or call EFTPS customer service at 1-888-434-7338. Failure to pay electronically can result in a 10% penalty for each non-electronic payment.

IRS Standard Auto Mileage Rates

The IRS cents-per-mile rates to be used only if taxpayer owns/leases a passenger auto, van, suv,  pickup or panel truck not for hire (e.g., as a taxi) that was not depreciated in earlier years are as follows: Jan 1 Thru June 30, 2011 Rates Business 51c/mile, Medical 19c/mile, Charity 14c/mile; July 1 Thru Dec 31, 2011 Rates - Business 55.5c/mile, Medical 23.5c/mile and Charity 14c/mile.

Information Returns w2 and 1099

Any person including a corporation, limited liability company, partnership, and individuals, who make reportable transactions during the calendar year must file information returns (w2 & 1099s) to report those transactions to the IRS, mail recipient copies by January 31st and IRS copies by Feb 28th.