Industry News

• Due to rising gas prices, the standard mileage rate will increase by eight cents to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31, 2008. The new rate for computing deductible medical or moving expenses will also increase by eight cents to 27 cents a mile. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile. See news release IR-2008-82 and Announcement 2008-63.  
   
   
  Purpose               1/1 thru 6/30/2008    7/1 thru 12/31/2008
   
  Business                        50.5                        58.5
   
  Medical/Moving               19                           27 
   
  Charitable                       14                           14
• A new Minnesota law requires employers to protect employee Social Security numbers.  Read more--
• Scamsters are busy trying to steal your personal information, but remember that the IRS will never contact you via e-mail or telephone.  Read more--
• Randy Schostag, President of Minnesota Business Valuation Group, a wholly-owned subsidiary of Olsen Thielen CPAs, can help your business determine your  "blue sky" value by taking into account your intangible assets.  He was quoted in the March 2008 issue of Upsize Magazine.

• Olsen Thielen Tax Manager, Joe Mayer, was quoted in an article in the February 2008 issue of MN Technology that explains how many manufacturers are leaving thousands of dollars on the table by not taking advantage of the R&D Tax Credit.

• The article, "Real Estate Professional vs. Investor:  Tax Elections are Important" written by Greg Nelson, Principal and Deb Beneke, Tax Manager, was featured in the February 2008 issue of the MHA's Multi Housing newsletter.

• The Internal Revenue Service is warning taxpayers of a new identity theft scam that tricks people into revealing financial and personal data. 

• From September 4 through October 31, 2007, the State of Iowa is offering a Tax Amnesty Program to business and individual taxpayers.  The program gives taxpayers a chance to pay overdue taxes without penalty and with only one-half of the interest.

• Joe Mayer, Manager, wrote an article called "Tax Sense Saves Money" for the February 2006 Manufacturers Alliance newsletter. The article discusses how growing companies are challenged to stay abreast of changing tax laws.
• Read the article "Smarter Inventory Management" written by Kelly Salwei, Principal.
• Manufacturing Niche Team Leader Kelly Salwei was recently featured on a business advisory panel hosted by The Minneapolis/St. Paul Business Journal, a Twin Cities business weekly. Kelly was one of seven participants who helped a local business owner plan for business growth.
• The article, "What Form 990 Changes Mean Now" written by Patrick Powers, Principal, was recently featured in the October 2006 issue of the MSAE's Focus newsletter.
• Dan Owens, Manager and not-for-profit niche team member, wrote the article "IRS Crackdown Raises Questions for 501(c3)s" that is highlighted in the MSAE's November 2006 Focus newsletter.
• Patrick Powers wrote the article, “Disaster Planning Tips” featured in the April 2006 MSAE Focus newsletter.
• Read the article, “Sarbanes-Oxley and Not-for-Profit Corporate Governance – What you should know,” that appeared in the March/April 2006 issue of OT Adviser.
• Patrick Powers wrote the article “Audits Serve Members” in the March 2006 MSAE Focus newsletter.