The IRS recently released new per diem rates for travelers. These rates are effective October 1, and may be used in lieu of previously published year 2000 rates. Taxpayers who prefer to use the previous rates may do so until December 31, 2000.The complete table of rates by city is available for downloading or online perusal.

William Roth will go down in history as the man who made America save for its collective retirement. After giving his name to the phenomenal Roth IRA, you’d think he could rest on his laurels and, well, retire. Instead, Roth has a new Roth baby in the works.The plan, unveiled in the Senate on Wednesday, would raise contribution limits for both regular IRAs and 401(k) plan.

The state of Louisiana is in trouble.

As expected on Thursday afternoon, President Clinton vetoed the proposed repeal of the Estate and Gift Tax. The bill will return to Congress where legislators will attempt to override the veto. The White House said that it did not believe the Republican-dominated Congress had enough votes to override the veto. If all those who initially voted for the passage of the bill vote to override the veto, the necessary two-thirds majority will prevail.Under current law, the first $675,000 of property left by a deceased person is exempt from tax.

Now that the Roth IRA has been around for a few years, many CPAs and accounting professionals have extolled the value of the plan to their clients, but for some reason, many taxpayers aren't taking advantage of this vehicle.To refresh your knowledge of the Roth IRA, here is a basic explanation of its benefits and parameters.The Roth IRA is available in a $2,000 contribution or Roth conversion, and the latter plan often brings about the most savings.

Are you familiar with Section 83(b) of the tax code? It provides a method to save your clients money on their tax bill should they own stock options through their employer.With an election made under Section 83(b), the taxpayer agrees to pay taxes on the current value of shares after exercising the option, even if the taxpayer doesn't have full ownership of the shares now because they are restricted.

The estate tax repeal bill was delivered to President Clinton Thursday for what is expected to be a certain veto. Congressional leaders have promised to attempt a veto override on this extremely popular bill.The bill would entirely repeal the federal estate tax over a 10-year period. Opponents of the bill claim it favors the wealth, while supporters claim it will save untold numbers of family businesses, particularly farms, which often end up being sold to pay exorbitant estate taxes.Clinton has until Labor Day to make a decision about the fate of the bill.

The National Taxpayer Advocate, W. Val Oveson, says he will leave the Internal Revenue Service this fall and return to Utah and the private sector.Oveson was instrumental in implementing many taxpayer advocate programs during his two years with the IRS, most notably the appointment of similar positions in each state that reported to him rather than district directors.

As a CPA working in practice or industry, you know the impact a presidential election can have on your clients or employer. The views of the candidates on health care, taxation and other issues can mean a boon or bust to millions of our nation's small businesses.Overall, analysts claim Bush is more of a friend to small business based on his views related to Internet sales tax (against) and a repeal of the inheritance tax (for).