HomeMy WebLinkAboutHandouts_Pension General_02/05/2007HANSON~ PERRY ~ JENSEN~ P.A.
400 ExECUme CeNreR DRrvE, Sucre 207 -WEST PALM BeACI+, FLOr~IOA 33401-2922
JILL HANSON~
mJhanson@hpjlaw.com
ANN H. PERRY
aperry®hpjlaw.com
BONNI SPATARA JENSEN
bsjensen~hpjlaw.com
'N.so AoMmEO w N.Y. M E M O R A N D U M
TO: Board of Trustees
Tequesta General Employees Pension Fund
FROM: Bonni S. Jensen
Hanson, Perry & Jensen, P.A.
DATE: February 5, 2007
Te-.EPHONe (561) 686-6550
FACSIMILE (561) 686-2802
RE: IRS Circular IR-2006-168 Regarding Standard Mileage Rate Increase
Attached is IRS Circular IR-2006-168 regarding the 2007 Standard Mileage
Reimbursement rate for the use of your personal vehicle for business. The IRS current
rate is 48.5-cents per mile.
Please let me know if you have any questions.
BSJIka
Enclosure
H:\Tequesta GE 1012\Boarc!\2007\memo -IRS Std Mlg Rate 2007.wpd
® ..w:-'
Page l of 1.
Subj: TEQ General -IRS Mileage Rate Increase
Date: 2/2/2007 9:26:45 A.M. Pacific Standard Time
From: karena@hpjlaw.com
To: C28hansen@aol.com
Trustees:
The memo I sent previously contained atypo -listing the 2006 rate of
44.5-cents/mile as the new 2007 rate.
The 2007 rate, as stated on the attachment (Circular IR-2006-168) is
actually 48.5-cents, a 4-cent increase over fast year.
I apologize for any inconvenience.
Karen Amenita <karena@hpjlaw.com>
Legal Assistant to Bonni S. Jensen
Hanson Perry & Jensen, PA
400 Executive Center Drive, Suite 207
West Palm Beach, FL 33401-2922
561-686-6550 (Phone)
561-686-2802 (Fax)
CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged
and is meant only for the intended recipient. If you are not the intended recipient,
please notify the sender ASAP and delete this message from your system.
IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment
concerns tax matters, it is not intended to be used and cannot be used by a
taxpayer for the purpose of avoiding penalties that may be imposed by law.
Friday, February 02, 2007 America Online: C28hansen
IRS Announces 2007 Standard Mileage Rates
IR-2006-168, Nov. 1, 2006
WASHINGTON -The Internal Revenue Service today issued the 2007 optional standard
mileage rates used to calculate the deductible costs of operating an automobile for business,
charitable, medical or moving purposes.
Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (incuding vans,
pickups or panel trucks) will be:
• 48.5 cents per mile far business miles driven;
• 20 cents per mile driven for medical or moving purposes; and
• 14 cents per mile driven in service to a charithble organization.
The new rate for business miles compares to a rate of 44.5 cents per mile for 2006. The new
rate for medical and moving purposes compares to 18 cents in 2006. The primary reasons far
the higher rates were higher prices for vehicles and fuel during the year ending in October.
The standard mileage rates for business, medical and moving purposes are based on an
annual study of the flied and variable costs of operating an automobile. Runzheimer
International, an independent contractor, conducted the study for the IRS.
The mileage rate for charitable miles is set by statute.
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), after
claiming a Section 179 deduction for that vehicle, for any vehicle used for hire or for more
than four vehides used simultaneously. Revenue Procedure 2006-49 contains additional
information on these standard mileage rates.
Related Items:
• Revenue Procedure 2006-49
Subscribe to IRS Newswire
http://www.ire.gov/newsroom/arti.cle/0„id~163 828,OO.htm1 2/1 /2007