Monthly Archives: December 2013

IRS decreases standard deductions for vehicle

Standard Deductions 2014The IRS is reducing the standard per mile deduction for travel in connection with business, medical care, and moving. The new allowance for business travel is 0.56¢ per mile, which is down from 0.565¢ per mile. The deductions for medical care and moving travel fall from 0.24¢ per mile to 0.235¢ per mile. The standard deduction for driving for charitable purposes is set separately and remains unchanged at 0.14¢ per mile. Continue reading IRS decreases standard deductions for vehicle

Extensive Non Profit Fraud

Non ProfitA recent Washington Post article brought to light numerous instances of fraud by non profit organizations as well as the misuse of Form 990 disclosures. It is believed that over a thousand non profit organizations reported a “diversion” of assets and funds totaling close to $500 million. The losses were attributed to various types of embezzlement, theft, fraudulent investment practices and the unauthorized expenditure of funds. Between 2008 and 2012, ten of the largest non profit companies in the country showed extensive levels of fraudulent activity. Continue reading Extensive Non Profit Fraud