Tax news April 2006

Tax

Court Orders IRS to Turn Over Statistical Data by April 17

A federal court, on Monday, ordered the Internal Revenue Service (IRS) to turn over extensive statistical information to Susan Long, the co-director of the Transactional Records Access Clearinghouse (TRAC) and a professor at Syracuse University. The decision comes a week after TRAC released a report stating that only 30 of the nation’s 180,000 millionaires were subject to face-to-face audits during fiscal year 2005.
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Tax

Laugh Factory Looking for Funniest IRS Story: Reward Offered

Jamie Masada, owner of The World Famous Laugh Factory, the celebrated comedy clubs in Los Angeles, California, and New York City, New York, wants to reward the taxpayer or accountant with the funniest story involving the Internal Revenue Service (IRS).Advertisement
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Tax

New Nationwide Licensing Program Offers Tax Preparers an Alternative to Franchising

Tax Smart America, Inc. on Monday, launched the Tax Smart America® Business Center License Program offering tax professionals a new alternative to expensive franchise systems, such as those of H&R Block, Jackson-Hewitt or Liberty Tax.
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A&A

Stresses of tax season tell business owners to change their ways

It's not easy to find the up side of tax time, but some small businesses are discovering that the process shines the light on how to improve operations.Many business owners find themselves short of cash to pay their tax bills, due to poor planning. The solutions could include hiring bookkeeping help, buying software to keep the books, or simply being more diligent about bank reconciliations.
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A&A

Tax Rules Allow Full Deduction of Hurricane-Related Casualty Losses

Changes in the federal tax laws allow taxpayers the full deduction of many “casualty loss” items and residences resulting from damage caused by Hurricanes Katrina, Wilma and Rita.
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Tax

Accountants Can Help Identify Alter-Egos

Piercing the corporate veil is a law doctrine recognized throughout the country to prevent the abuse of corporations and protect creditors who might otherwise not be paid. When the veil is pierced, the courts will disregard the separate legal existence of corporations (including LLCs) and its shareholders or members.
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Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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