Stay abreast of tax law changes that may affect you by checking this section regularly.

Standard Mileage Rates Increased for Rest of 2008 (July 11, 2008): To reflect the recent increase in gas prices, the IRS raised the standard mileage rates for the last six months of the year. The rate will increase to 58.5 cents per mile for business miles driven from 7/1/08 through 12/31/08, an eight cent per mile increase from the rate in effect for the first six months of 2008 [see Rev. Proc. 2007-70 (2007-50 IRB 1162) ]. The rate for computing deductible medical or moving expenses will also increase by eight cents per mile to 27 cents per mile, up from 19 cents per mile for the first six months of 2008. The rate for providing services for a charity is set by statute, and remains at 14 cents per mile.

IRS Describes New Tax Scams (July 11, 2008): The IRS warned taxpayers to be on the lookout for a new wave of tax scams. In fact, taxpayers have reported about 1,600 phishing incidents to the IRS so far this year, with almost 700 reported in May and June alone. There are several variations of the tried-and-true refund scam. In a related scam, the recipient is eligible for an economic stimulus payment but to obtain it must click a link to complete and submit a fake online form. Other recent scams include the substitute Form 1040 scam (need to supply requested information), the company report scam (need to review IRS report on company), and the Tax Court scam (download case involving the recipient). Those receiving suspect phone calls or emails should contact the IRS at phishing@irs.gov mailbox.