Standard Mileage Rates for 2008

     Business Miles
          • January 1 – June 30, 2008 50.5 cents per mile
          • July 1 – December 31, 2008 58.5 cents per mile
     Charitable Miles
          • January 1 – December 31, 2008 14 cents per mile
     Medical Miles
          • January 1 – June 30, 2008 19 cents per mile
          • July 1 – December 31, 2008 27 cents per mile


North Carolina Gift Tax

Effective January 1, 2009 the NC Gift Tax has been repealed for all gifts made on or after that date.

Extension Period Shortened for Partnerships, Estates, and Trusts

The IRS has issued regulations to reduce the automatic extension period from 6 months to 5 months for income tax returns of partnerships, estates, and trusts for the partnership withholding tax returns. This shorter extension period will help practitioners by requiring calendar-year partnerships, estates, and trust K-1’s to be sent no later than Septemer 15, a month before the October 15 extended due date for the individual taxpayers. The new regulations apply to returns due on or after January 1, 2009. The S-corporate extension period and filing deadline are not effected. (AICPA Tax Section E-Alert, July 11, 2008)