Tax news

Tax

Planning Opportunities Abound with New IRA Rules

On January 11, 2001, the Treasury issued sweeping changes to the IRA required minimum distribution rules. Typically, when Treasury or the IRS promulgate new rules, taxpayers and professional advisors react apprehensively, fearing the worst, but hoping for the best.
Tax

New Executive Director of NATP

David Martin has been named Executive Director of The National Association of Tax Practitioners (NATP). Mr. Martin has more than fifteen years of experience with association management and has demonstrated success in marketing, education, and technological innovations.Prior to joining NATP, David was president of Real Estate Rover.com, and COO and Managing Director of the Real Estate Buyer's Agent Council.
Tax

Tax Tip: Foreign Income

With more and more U.S. citizens earning money from foreign sources, the IRS reminds people that they must report all such income on their tax return, unless it is exempt under federal law.This applies whether a person lives inside or outside the United States.
Tax

IRS to Step Up Pressure on Non-Withholders

The IRS plans to announce soon its intention to investigate several businesses that have been publicly proclaiming they do not withhold payroll taxes on wages paid to their employees but instead pay their employees 100% of the wages earned.Several companies participating in this tax boycott have declared their anti-tax position on the Internet, listing their names on various Web site
Tax

Tax Tip: Should You Itemize?

Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, contributions, casualty losses, and miscellaneous deductions can reduce your taxes. If the total amount spent on those categories is more than the standard deduction, you can usually benefit by itemizing, according to the IRS.The standard deduction amounts are based on your filing status and are subject to inflation adjustments each year.
Tax

Stealth Tax Act Seeks to Curb IRS

Senate bill 286, "Stealth Tax Prevention Act," has been introduced by Senator Richard Shelby (R-AL) with the intent of keeping tabs on any attempts of the IRS to increase federal revenues with tax increases.Under the provisions of the act, any IRS regulation that seeks to increase federal revenues over current prices or revenues would be subject to congressional review and disapproval within 60 days after the regulation is issued.Sen.
Tax

IRS Modernization Takes Another Giant Leap Forward

The Internal Revenue Service announced Thursday the completion of a cornerstone in its systems modernization effort by successfully consolidating and upgrading its major computer systems. The IRS consolidated 67 mainframe computers spread across 12 locations to 20 mainframe computers in just 3 locations.
Tax

St. Louis Volunteers Rack Up Record Refunds

St. Louis, MO – February 6, 2001 – Over 300 volunteers worked long hours Saturday, January 27 and Saturday, February 3, 2001, helping 392 families prepare their federal and state tax returns to receive refunds of $495,000. Every dollar of these refunds goes directly to the families.The St. Louis Tax Assistance Program (TAP) helps working families or elderly residents with total incomes below $26,000 per year. January 27, 2001, TAP launched its fourth season of free tax return preparation at three locations in the St.
Tax

Tax Tip: Gratuities and Taxes

Do you work at a hair salon, barber shop, casino, golf course, hotel, restaurant or drive a taxi cab? The tip income you receive as an employee from those services is taxable income, according to the IRS.As taxable income, these tips are subject to federal income tax, Social Security and Medicare taxes, and may be subject to state income tax as well.You must keep a running daily log of all your tip income.
Tax

IRS Moves Forward With Internet Presence

The Internal Revenue Service is looking forward to expanding and improving its presence on the Internet.During the next few months, the IRS will be changing the homepage from the Digital Daily to a more contemporary styled portal page.
Tax

AccountingWEB Editor Authors New TurboTax Book

The Quicken Press, part of Osborne/McGraw-Hill, has recently published TurboTax Deluxe: The Official Guide, a resource for preparation of 2000 tax returns.
Tax

Tax Tip: Free Help From the IRS

Sometimes when you are preparing your federal tax return, you need a little help. The IRS offers free assistance by computer, telephone, fax, and in person. The IRS can assist you with obtaining forms, publications and answers to a wide range of tax questions. If you qualify, IRS can even help you find free tax preparation.How to get help: Personal Computer - With your personal computer and Internet connection, you can access a wealth of free tax information at www.irs.gov.
Tax

Bush Plan Calls for Retroactive Tax Cut

President Bush is wasting no time in promoting his plan for a comprehensive tax cut that would benefit all Americans, slashing the lowest tax rate to 10% and the highest rate to 33%. Recalling the early days of the Reagan era, Bush claims a massive tax cut at this time will stimulate the economy.
Tax

Tax Tip: 1040A Users May Report Mutual Funds Distributions

Some taxpayers with capital gains may now use the shorter Form 1040A. If your only capital gains or losses are capital gains distributions from mutual funds, and you are otherwise eligible to use Form 1040A, you may report these gains on line 10 of the 1040A. If you must use Form 1040 for some other reason, but have no other capital gains or losses, you can skip Schedule D and report your capital gains distributions on line 13 of the 1040, checking the box to indicate that Schedule D was not required.
Tax

H&R Block Launches 'Ask A Tax Advisor'

H & R Block debuted its "Ask a Tax Advisor" service, last week, which enables H & R Block customers instant access to H & R Block tax experts around the country. H&R Block's new "Ask a Tax Advisor" service allows customers quick, customized answers from H&R Block tax professionals for only $19.95 per solution. Using e-mail, live chat or phone, a Block professional will attempt to answer the taxpayer's specific tax questions.
Tax

Revised IRS Form W-9 Available

The IRS form W-9, Request for Taxpayer Identification and Certification, has been revised effective immediately. The new version of the form is available for downloading on the IRS Web site.The primary change to the W-9 form is a requirement that the person filling out the form identify himself or herself as "U.S. Person," as opposed to a "Foreign Person." The phrase, U.S. Person, includes resident aliens.
Tax

Intuit Offers Free On-line Tax Filing

Now in its fourth year, the Quicken Tax Freedom Project provided by Intuit, the maker of Quicken and TurboTax software, offers free on-line tax filing for all individuals and families with adjusted gross income of under $25,000, a $5,000 increase over previous years.Using the TuboTax for the Web software, Intuit is able to provide an interactive question-and-answer process in which taxpayers can enter information about their tax returns.
Tax

Tax Tip: What is Your Filing Status?

Your filing status on your tax return is a category that identifies you, based on your marital and family situation. It is an important factor in determining whether you must file a return, the amount of your standard deduction and your correct amount of tax. If more than one filing status applies to you, you may choose the one that will give you the lowest tax, according to the IRS.There are five possible filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child.
Tax

New Tax Resource for Mexican Business

If you have clients or subsidiaries who do business in Mexico, a new resource is now available to help navigate the waters of corporate tax planning. WorldTrade Executive, Inc., a leader in publications covering international finance, law, tax and cross-border trade, announced today the launch of its newest publication, "Practical Mexican Tax Strategies".

Pages