1. Please note that the Tax Court has recently ruled that estimated mileage and expenses are not acceptable evidence with respect to substantiating the business use of an automobile. As a reminder, in addition to receipts, documentation pertaining to tax-deductible automobile, travel, meals and entertainment expenses should include information regarding the business purpose of the expense, as well as the names and business relationship of the participants. A summary of the general requirements for substantiating these expenses is posted below. Please click on the Meals, Entertainment, Travel and Automobile Expense Substantiation below for additional information.

2. Failure to report or disclose a reportable transaction can result in a penalty of $10,000 for an individual. The penalty increases to $100,000 if the reportable transaction is deemed to be a “listed” transaction. Intentionally failing to report a “listed” transaction increases the penalty to $200,000. There is no reasonable cause relief or appeal from the assertion of a penalty for failure to report a “listed” transaction. Please click on the Reportable/Listed Transactions Disclosure link below for more information.

3. New tax law requires your signed consent before we can provide your tax information to many third parties (i.e., banks, mortgage companies, etc.)  There are different forms for 1040 filers and all other filers.  Please click on the following link for your form:

   • Consent to Disclose Tax Return Information - Individual

   • Consent to Disclose Tax Return Information - Business/Fiduciary/Tax Exempt/Estate/Gift Tax

Meals, Entertainment, Travel and Automobile Expense Substantiation

Click Here to review the 2010 Tax Planning Guide On-Line

Click Here to review the 2009 Tax Law Stimulus Guide On-Line

(American Recovery & Reinvestment Tax Act of 2009)