Tax news November 2006

Tax

Standardized Income Trust Accounting Proposed

Although limited in clout, the Canadian Institute of Chartered Accountants (CICA) has proposed standard rules to make trust reporting more transparent, according to the Toronto Star. Income trusts have had been very popular, but intelligent comparison between trusts has been difficult, even for those carefully digesting financial reports and disclosures.
Tax

2007 Standard Mileage Rates Released

Beginning January 1, 2007, the optional standard mileage rates used to calculate the deductible costs of operating an automobile for business will increase by 4 cents, to 48.5 cents per mile. The mileage rate for medical and moving purposes increases 2 cents, to 20 cents per mile driven. These standard mileage rates apply to cars, vans, pickups and panel trucks.The standard mileage rates for business, medical and moving purposes are based on an annual study of the fixed and variable costs of operating an automobile.
Tax

H&R Block Will Disclose More to Clients About Refund Anticipation Loans

H&R Block announced enhancements to its refund anticipation loan product that will inform clients about possible tax-related debt and the potential cost of the loans, the company announced Tuesday. In September, H&R Block announced that it could reduce costs by nearly 40 percent for clients who agreed to pay for the loans through the new H&R Block Emerald Prepaid MasterCard issued by H&R Block Bank.“Besides saving our clients money, we’re doing even more to make sure H&R Block customers receive the best service and disclosure in the industry,” said Mark A.
Tax

More Than $186 Billion in Cross-border Investment Taxes Are Recoverable

GlobeTax, the world's largest filer of withholding tax reclaims, has released the results of an aggregation survey showing $186 billion or more of withholding tax on cross-border investments income that is recoverable in 2006/07. Director of Marketing Ross McGill states, "Previous surveys probably gave a restricted view of the market, in our opinion, because they were derived from limited data sets. And so, while the results were interesting, they were of questionable value.
Tax

Republicans Point to Benefits of Low Taxes; Democrats Weigh Economic Policy Options

With the 2006 congressional election less than a week away, President Bush is campaigning for his fellow Republicans on the strength of the economy and on his tax cuts. Democrats, who may gain a majority in Congress and with it some control over the nation’s purse strings, are weighing their options.
Tax

Corporate America Fighting Back Against Lawsuits, Regulations

Two influential industry groups are developing proposals that would make it more difficult for investors to file civil suits against companies and accounting firms, while also strengthening protections from criminal cases brought by government prosecutors.The groups, which have close ties to the Bush administration, hope to limit the liability of accounting firms for the work they do for clients so that individuals are targeted for wrongdoing, not entire companies, the New York Times reported.One of the groups drafting proposals is the U.S.

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