Author Archives: Carol

From Carol McAtee’s CPA firm in St. Petersburg, FL– The IRS allows taxpayers to file an amended tax return to correct their filing status, their income, or to add deductions or credits that might have been missed on the return … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL –In response to higher gasoline prices, the IRS has raised the standard mileage rates for deductable use of an automobile, effective July 1, 2011. The rate increase is 4.5 cents per … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL –Usually, income derived from self-employment, interest, dividends, alimony, rental property, and from gains on the sale of assets is not subject to withholding, and taxpayers receiving these types of income may … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL – On August 2, the Budget Control Act was signed into law. The new law raises the debt limit to avoid a projected default by the government, and creates a bipartisan … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL –The IRS offers a few options if a taxpayer cannot pay the full amount of their tax liability for the year; either the option to pay it off over time or … Continue reading →

From our CPA firm in St Petersburg, FL– After months of debate, Congress has repealed the expanded requirement that businesses report to the IRS all payments made in excess of $600 to vendors. The provision, originally enacted to fund the … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL – Hurricane Season is under way and now is the time to safeguard your tax records by taking these few simple steps. Create a Backup Set of Records Electronically: You should … Continue reading →