Tax news

Tax

Small Biz Tax Relief: What's Cooking?

Self-employed individuals and small firms pay approximately $800 million in taxes that the federal government collects each year. Senator Christopher "Kit" Bond, Chairman of the Senate Committee on Small Business, wants to do something to relieve their tax burden.Bond today introduced the "Small Business Works Act of 2001," designed to complement the broad-based tax relief package proposed by President Bush."With an economy that appears to be slowing, small businesses are likely to be among the first affected.
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Tax

Tax Tip: Record Keeping

You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Good record keeping will help you remember the various transactions you made during the year, which may help you out on your taxes.Records help you document the deductions you've claimed on your return. You'll need this documentation should the IRS select your return for examination.
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Practice Management

Outsourcing Your Payroll Systems, with Rob Basso

Outsourcing Your Payroll SystemsPresented by Rob Basso, President of Advantage Payroll ServicesContact Rob at Rob_basso@advantagepayroll.comJanuary 25, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryThursday's workshop session was filled with useful information and answers to questions about outsourcing pay
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Technology

RIA Introduces Corporate Tax Planning Tool

RIA introduces InSource® CS - Income Tax Planning, a full-featured federal tax planning tool for corporate tax professionals. "Today's corporate tax professionals are called upon to advise on the tax impact of ever more complex business transactions," said Brian Peccarelli, Vice President, InSource Income Tax at RIA.
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Tax

IRS Doesn't Always Get its Cut of Super Bowl Winnings

The Ravens are favored as the next NFL Champions in the upcoming Super Bowl. But in an
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Tax

State Revenue Agencies

AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgia
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Tax

Enrolled Agent Exam Results Available

The IRS has posted the results of the 2000 Enrolled Agent exam at their Web site. In addition to the exam results, you can learn about the 2001 exam (scheduled for October 17-18, 2001), including how to apply and how to study.A study kit will be available for downloading on June 1, 2001.
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Tax

Tax Tip: Taxable or Nontaxable?

Generally, most income you receive is taxable. But there are some areas where certain types of income are partially taxed or not taxed at all.
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Tax

Tax Tip: Common Errors To Avoid

The IRS recommends reviewing your entire tax return to be sure it is accurate and complete. Even a simple mistake can cause problems with your tax return, which might lead to delays in processing your return and receiving your refund.Want to avoid frequent trouble spots? Check these areas, which can reduce problems: Use the peel-off label. You may line through and make necessary corrections right on the label. Be sure to fill in your social security number in the box provided on the return. It is not on the label.
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Tax

Lawmakers in Shock as Clinton Pardons Tax Fugitive

Law enforcement officials are angry that former president Bill Clinton has pardoned Marc Rich, a tax fugitive for the past 17 years.Just before President Clinton left office, he pardoned 140 people, one of whom was Mr. Rich - a billionaire oil trader who fled to Switzerland in 1983 to escape being indicted on 65 counts of tax evasion, racketeering and other offences.Mr. Rich was also accused of trading with Iran at a time when Americans were being held hostage at the US embassy in Tehran.
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Tax

It's Full Speed Ahead with Bush Tax Cut Plan

The following article is provided courtesy of CCH, Inc.Senate Finance Committee member Phil Gramm, R-Texas, and Sen.
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Tax

Tax Tip: Appeal Rights

Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case.IRS Publication 1, "Your Rights as a Taxpayer," explains some of your most important taxpayer rights.
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Tax

Tax Tip: Navigating the IRS Web Site

Need a tax form? Have a question about changes to tax law? Want to find the nearest IRS walk-in site? Now anyone with a personal computer and Internet access can point and click their way to trouble-free tax filing at www.irs.gov.The award-winning IRS Web site at www.irs.gov offers a wealth of resources for making tax time, well, a little less taxing. A user-friendly format allows even novice web surfers to quickly find the information they need.
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Tax

File W-2s and 1099s Online - Quickly and Inexpensively

You can file Federal and State W-2, 1099, and 941 forms online at filetaxes.com. For the low fee of $3.49 per form, filetaxes.com you can prepare these forms online and file them with the proper tax authorities completely over the Internet.
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Tax

Tax Tip: Charitable Contributions

When preparing to file your 2000 federal tax return, don't forget your contributions to charitable organizations. Your donations can add up to a nice tax deduction if you itemize on IRS Form 1040, Schedule A. Here are a few tips to help make sure your contributions pay off on your tax return. To be deductible, contributions must be made to qualified organizations. Organizations can tell you if they are qualified and if donations to them are deductible.
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Tax

Giant Leap for IRA Simplification

New proposed regulations issued by the Treasury Department offer to do away with the complicated task of calculating IRA distributions. No longer will taxpayers have to rely on complicated life expectancy tables, nor will beneficiaries have to be locked in forever.The required distributions will henceforth be determined from a single tax table which produces the smallest required minimum distribution allowed under the old rules.
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Tax

Life Expectancy Tables

IRS Life Expectancy Table I, Single Life ExpectancyIRS Life Expectancy Table II, Joint Life and Last Survivor Expectancy, Ages 35-44IRS Life Expectancy Table II, Joint Life and Last Survivor Expectancy, Ages 45-54IRS Life Expectancy Table II, Joint Life and Last Survivor Expecta
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Tax

Applicable Federal Rates

Applicable Federal Rates, January 2001Current Revenue Ruling affecting Applicable Federal Rates (Rev. Rul. 2001-3, January 2001)Applicable Federal Rates, Prior YearsAFRs from 1990 through 2000
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Tax

Earned Income Tax Tables, 1999 and 2000

2000 limits for Earned Income Credit: $10,380 for workers age 25 to 64 with no qualifying children$27,413 for workers of any age with one qualifying child$31,152 for workers with two or more qualifying children.2000 Earned Income Credit Table, $1 to $8,8002000 Earned Income Credit Table, $8,800 to $22,2502000 Ea
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Tax

Tax Tip: New 1040 Checkbox Reduces IRS Notices

A new checkbox feature on this year's tax forms will give taxpayers the option of allowing their paid preparers to directly answer tax processing questions.
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Pages

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.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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