The Firm of Gardner & Billing, CPAs PLLC

The Montana State Fund (MSF) Board of Directors has adopted an overall average decrease of twenty percent for premium rates effective July 1, 2011.  Rates may differ as individual class codes can vary up or down each year from the prior year rates, depending on the average losses for all the businesses in the class code.  The new rates apply to any policy with an effective date in Policy Year 2012 (July1 ,2011 to July 1, 2012). House Bill 334 (HB334) enacted by the 2011 Montana Legislature is expected to significantly reduce workers' compensation costs.  Most of the provisions in that legislation become effective for injuries that occur July 1, 2011 and later. For more information please contact our office or visit the Montana State Fund website at montanastatefund.com

WASHINGTON --The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51. In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year. "This year's increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices," said IRS Commissioner Doug Shulman. "