Tax news

Tax

IRS Releases 2002 Withholding Tables

The IRS has released the income tax withholding and advance earned income credit payment tables for 2002.
Tax

IRS Warns of Sham Charities Looking for Used Cars

The IRS is warning taxpayers to watch out for charities that are clamoring for used car donations as the year winds down. The last month of the year is typically a busy time for charities to collect from taxpayers hoping to generate a year-end tax deduction.Before donating a vehicle to charity, the IRS suggests you make sure the charity is a bona fide tax exempt organization, which you can do easily by examining IRS Publication 78, Cumulative List of Organizations.
Tax

IRS Issues New Industry Guidelines

The IRS has announced tax guidance on three issues affecting auto dealerships, banks, and golf courses.
Tax

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Tax

Don`t Miss E-File Registration Deadline

Tax preparers are reminded that December 1 is the IRS deadline for registering for e-filing capabilities for the forthcoming tax filing season. Although the application may be filed after December 1, the IRS recommends filing by December 1 to ensure your participation in the e-file season beginning January 1. The IRS anticipates an increase in demand for e-filed tax returns, partly due to concerns about mail delivery resulting from concerns of bio-terrorism and issues with misplaced tax returns last tax season.
Tax

Congress At Odds Over Relief for Terrorism Victims

The following article is provided courtesy of CCH, Inc.When lawmakers begin their post-Thanksgiving recess conference on the Victims of Terrorism Tax Relief Bill of 2001 (HR 2884), which would provide income, estate, and payroll tax relief to victims of recent terrorist attacks, they will find that the Senate version, which was passed on November 16, contains a great deal more detail than the House's version of the bill, which was approved on Sep
Tax

Senate Pushing for Social Security Holiday

Senate Republicans are hopeful that they can tie a one-month Social Security holiday for all workers and employers to the economic stimulus package that is currently before Congress.
Tax

Cayman Islands No Longer a Tax Haven

Cayman Islands Governor, Peter J. Smith, is to sign an agreement today with Treasury Secretary, Paul O'Neill, and British Ambassador to the U.S., Christopher Meyer, which will open the vaults of secrecy on Cayman Islands bank accounts.Henceforth, the Cayman Islands will share information with the U.S. government, including the IRS, in an effort to track down tax evaders.
Technology

It's Time to Prepare for Internet Sales Tax

The Gartner research group has issued a warning that the current freeze on Internet sales taxes is temporary at best and that businesses involved in e-commerce should begin now to prepare themselves for the inevitable.Predicting that sales taxes on Internet sales will become a reality by 2003, the group suggests that it's not a matter of whether items will be taxed, it's a matter of when and how much.Gartner recommends that businesses begin planning to accommodate sales taxes by improving their online
Tax

IRS: Exempt Status of Charities Not at Risk

The following article is provided courtesy of CCH, Inc.The IRS has provided guidance to charities regarding payments made by reason of the death, injury or wounding of an individual as a result of the September 11, 2001, terrorist attacks against the United States.
Tax

Senate Approves Tax Relief Bill

The following article is provided courtesy of CCH, Inc.The Senate on November 16 approved, by voice vote, legislation that would provide tax relief to survivors and victims of the September 11 terrorist attacks. The measure, Victims of Terrorism Relief Bill of 2001 (HR 2884), would grant victims' families an exemption from estate and income taxes.Senate Finance Committee ranking member Charles E.
Tax

IRS Launches Fast Track Dispute Resolution Program

The Internal Revenue Service has launched a pilot program aimed at cutting the time it takes to resolve disputes between the tax agency and corporate taxpayers.The Large and Mid-Size Business Division Fast Track Dispute Resolution Pilot Program creates a new opportunity for corporate taxpayers to resolve outstanding issues early in the course of disagreements during the examination process.
Tax

President Approves IRS Funding, Expects Better Service

It looks like our tax collectors will be with us for another year. President Bush signed the legislation that provides funding for the Treasury Department and the IRS for fiscal year 2002.
Tax

IRS Issues Incentive Stock Options Guidelines

The following article is provided courtesy of CCH, Inc.The IRS has issued proposed regulations relating to incentive stock options (ISOs) described in Code Sec. 422(b) and options granted under an employee stock purchase plan (ESPP options) described in Code Sec. 423(b).
Technology

IRS Adding New Features to Web Site

IRS Commissioner Charles Rossotti has announced plans for changes that taxpayers can expect on the IRS Web site, www.irs.gov.Several electronic services are expected to be added to the IRS Web site by the 2002 tax filing season, including:A feature that enables taxpayers to confirm that their tax return has been received by the IRSA feature that allows taxpayers to check the status of their tax refundsA personal identification number that taxpayers can select themselvesThe ability to make electronic paym
Tax

Employers Should Inform Staff of Tax Break

The IRS has released Announcement 2001-106, Tax Saver's Credit for Contributions by Individuals to Employer Retirement Plans and IRAs, in which the new Tax Saver's credit is explained. The IRS is encouraging all employers to inform employees now of this new tax saving procedure which becomes effective January 1, 2002.
Tax

IRS Closes Tax Loophole for Homeowners

For a brief period of time, the capital gains tax rule that went into effect last January favored high-end homeowners in an unexpected way. The new rule, which permits special lower capital gains rates for property acquired after January 1, 2001 and held for at least five years, offers an opportunity for people who owned property on January 1, 2001 to treat the property as if was sold on that date and restart the capital gains clock.
Tax

IRS Extends New Low Tax Rates to Dependents

During the tax rebate program this past summer, dependents did not qualify for the rebate. However, the new tax forms that have been recently released by the IRS tell a slightly different story.The statutory language of the tax law indicated that dependents would not be eligible to share in the new low 10% tax rate on the first $6,000 of taxable income ($12,000 of taxable income for married couples) until 2002.
Tax

IRS Announces New Mileage Rates for 2002

The standard rate of mileage for business use of a vehicle is set to increase again, effective January 1, 2002. The current rate is 34.5 cents per mile. For 2002, the new rate for business mileage will increase two cents to 36.5 cents per mile.The mileage rate for medical and moving expenses is also set to increase.
Tax

U.S. Tax Court Mail Service Disrupted

Mail service to the U.S. Tax Court has been disrupted since October 19 due to the temporary closure of the U.S. Postal Service facility that serves the Tax Court. No mail delivery to the Tax Court has occurred since October 19, and no date has been announced for resumption of mail delivery.Parcels delivered to the Court by courier have not been affected by the postal service closure.U.S. Tax Court Chief Judge Thomas B. Wells announced yesterday that legible U.S. postmarks on mail items will suffice as evidence of timely filing, even if the items are received after a deadline date.

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