Moneylines: News briefs for businesses
IRS reduces mileage rates for calculating the deductible costs of operating a business vehicle.
The rate for vehicles, vans, pickups and panel trucks dropped to 50 cents per mile for 2010. In its news release, the agency noted that the revised mileage rates “reflect generally lower transportation costs compared to a year ago.” Bear in mind that you can’t use the standard mileage rate for a vehicle you’ve depreciated under the Modified Accelerated Cost Recovery System (MACRS) or for which you’ve claimed the Section 179 expensing election.
You may have heard of GAAP, but are you ready for GAPP?
The threat of identity theft is nothing new. And, with cyber attacks originating from as far away as China, the problem isn’t easily solved. To help business management combat identity theft, the American Institute of Certified Public Accountants and the Canadian Institute of Chartered Accountants have partnered to introduce Generally Accepted Privacy Principles (GAPP). Just as Generally Accepted Accounting Principles (GAAP) are intended to provide companies with a foundation for managing their books, these guidelines seek to give businesses a formal framework on which to build their data privacy infrastructure. Details are available at http://infotech.aicpa.org/Resources/Privacy.
Business clusters beckon many companies.
The idea of moving closer to your competitors may seem ridiculous, but a 2008 study by the Stockholm School of Economics shows that companies located in close proximity to other like businesses have strong growth and survival rates. (Think of Silicon Valley.) Moving your operations solely to join one of these clusters may be extreme but, if you’re interested, check out the Web site of the Harvard Business School’s Institute for Strategy and Competitiveness (http://www.isc.hbs.edu) and look for the “Clusters and Cluster Development” link on the home page.
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