What is an Offer in Compromise?
An agreement between the IRS and the taxpayer where the taxpayer asked the Government to accept a lesser amount of money than the delinquent balance.
November 29, 2007
2008 Standard Mileage Rates Released
The IRS issued Rev. Proc. 2007-70 with the 2008 optional standard mileage rates used for calculating the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning January 1, 2008, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) will be:
•
50.5 cents per mile for business miles driven;
•19 cents per mile driven for medical or moving purposes; and
•14 cents per mile driven in service of charitable organizations.
The full text of Rev. Proc. 2007-70
