2012 Mileage Rates

Wednesday, February 29th, 2012

 The cost of gas is going up again but the IRS has not updated the 2012 mileage rates to reflect the increased price.  Effective January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

55.5 cents per mile for business miles driven
23 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.

Acording to the IRS, taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously. These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical or charitable expense are in Rev. Proc. 2010-51.

Notice 2012-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

Additional information can be found at http://www.irs.gov/newsroom/article/0,,id=250882,00.html


Safety Alert: Multiple Brands Recalled from First Aid Kits

Wednesday, November 9th, 2011

Recently, agents from the Food and Drug Administration (FDA) visited one of our clients to inspect first aid kits for recalled items.

This inspection was part of a larger reaction to recalls from H&P industries and their sister company, Triad Group. An FDA report on the company says there have been a total of at least 10 deaths reported to the agency in the wake of a recall of contaminated products. It is believed that the deaths were related to serious hospital stays, not simply using a product from a first aid kit.

That being said, we strongly recommend removing any Alcohol Prep Pads, Alcohol Swabs, and Alcohol Swabsticks (alcohol product recall earlier this year), and Povidone Iodine products that can be traced back to this manufacturer. Consumers that have any of these types of products in their possession should not use the product and should return it to the place it was purchased. These products are usually re-branded with one of the following name brands:

Recalled Brands

 Albertson’s  Good Neighbor Pharmacy Select Medical Products
 American Fare  Good Sense Smart Sense
 Amerinet  Kmart Total Resources
 Amerisource Bergen  Leader Triad
 Boca/ Ultilet  Major Triad-Triadine
 Cardinal Health  Medical Specialties Triad Plus
 Chain Drug Consortium  Meijer VersaPro
 Conzellin  Moore Medical VHA
 CVS  North Safety Walgreens
 Equaline  Nova Plus Winn Dixie- Medic
 Fred’s  Premiere Value
 PSS Select  Atware Carey First Aid Kits