Tax news

Tax

Pentagon Agency Tries to Hoodwink IRS

The Pentagon's inspector general's office, the office charged with exposing fraud in the federal government, provided the IRS with fake documents in order to avoid embarrassment in an audit.The audit was part of a routine program where one U.S. inspector general checks the work of another. The inspector general's office apparently spent nearly 1,000 hours creating fake documents to cover up a 1988 audit report that they feared would not pass audit muster.
Tax

Deloitte Offers Free Booklet on New Retirement Rules

Deloitte & Touche's Human Capital Advisory Services practice has published a free 44-page booklet that examines the retirement issues associated with the new Economic Growth and Tax Relief Reconciliation Act.The new act makes significant changes to rules regarding retirement plans, simplifying some of the many regulatory complexities and expanding opportunities for saving and portability."These new retirement plan changes can offer some valuable tools to enhance your retirement plans in ways to attract and retain your needed workforce and to increase the retirement security for th
AccountingWEB Life

Secrets to Successful Project Management

Secrets to Successful Project ManagementPresented by Renee Jenkins, CPAIndependent Consultant, BizDawgsContact Renee at rmunoz@doitnow.comJune 7, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.Summary
Tax

Tax Rebate is Yours, Even If You Didn't Earn It

Rather than taking the time to scrutinize every taxpayer's withholdings to date to find out who actually qualifies for the impending tax rebate, the IRS will send rebate checks of $300 to $600 to everyone who paid taxes in 2000 and filed their tax return on time.If it turns out that some people who stopped working in 2001 receive rebates for taxes they didn't pay, well, these people can consider the money a gift from the federal government.Analysts es
Tax

How Much Will the New Tax Laws Save You?

Intuit, the maker of Quicken personal finance software and TurboTax software, has created a calculator that will help you estimate your savings under the new tax laws for the next 10 years.
Tax

Tax Cut Brings Bad News for Some

High-tech firms are not pleased with all the aspects of the tax cut that was agreed to over the past weekend.
Tax

Check Your Mail! Uncle Sam is Sending Rebates!

President Bush’s massive tax cut has been approved by both houses and is expected to be signed by the president during the first week of June. The nation’s taxpayers will feel an immediate reverberation from the changes to the tax laws in the form of rebates from the IRS.A portion of the new tax cut that represents a 10% tax rate on the first $6,000 of earned income (as opposed to the former 15% rate) is to be retroactive to January 1, 2001.
Tax

Senate Passes Huge Tax Cut

Late Wednesday, the Senate passed President Bush's $1.35 trillion tax cut, a colossal program that will be phased in over 11 years.
Tax

Treasury Secretary says 'Abolish Corporate Income Tax'

Secretary of the Treasury, Paul O'Neill, has diagrammed his vision for major tax reform.
Tax

Prepare Yourself for an IRS Audit

Talk on the street is that the IRS is easing off on the number of audits performed. Does this mean you can go ahead and stretch the truth on your tax return and not worry about calling attention to yourself? Probably not. Call it fate, consider the possibility that maybe it's simply your turn, or keep in mind the fact that one reason the IRS can streamline its workforce is that computers are getting better at doing the job of picking out irregularities.Whatever the reason, the possibility exists that your tax return may be selected for an audit.
Tax

National Association of Tax Practitioners Gets New Name

The National Association of Tax Practitioners (NATP) has changed its name, but not its acronym, to the National Association of Tax Professionals. It is felt that "Professional" rather than "Practitioner" better reflects the membership of the organization.NATP has made many changes within the last few months. The organization has redesigned the logo, the tax and business publications, and enhanced its Web sites and educational materials. The changes reflect NATP's expanding role as a leading authority of tax and related financial knowledge.
Tax

New Service Makes US Tax Court Cases Easy to Research

Beginning in June, the U.S. Tax Court's Web site will include docket sheets for almost all cases since May 1986.Information provided on the docket sheets will include names and addresses of petitioners and counsel, index of filings for each case and court actions."This service is something that I believe the bar has long awaited and should prove to be a useful tool to those who appear before us," said Chief Judge Thomas B. Wells.
Tax

What's the Monthly Interest on $2.9 Million?

According to a report in The Wall Street Journal, 231,000 U.S. taxpayers took advantage of the new credit card payment program for paying income taxes this spring.
Tax

IRS Employees Go Back to School

Critics of the Internal Revenue Service have complained that the IRS employees provide incorrect answers on how to comply with the tax code.
Tax

IRS Looking For a Few (Thousand) Good Employees

The IRS has received federal funding which will enable the agency to expand the national workforce with nearly 3,900 new employees, and the job search is on.The IRS hopes to lure prospective employees into areas of tax return audit, tax collection, and tax law explanation. Starting salaries are somewhat lower than those being offered entry-level accountants.
Tax

New DOL Guide Helps Those Filing Form 5500

The Department of Labor has prepared a new guide, "The Troubleshooter's Guide to Filing the ERISA Annual Report (5500)", which should provide answers to most questions about preparing and filing the annual ERISA forms.The publication focuses on the changes in reporting under the ERISA Filing Acceptance System (EFAST) and how to avoid reporting errors most frequently made by filers.The Labor Department's Pension and Welfare Benefits Administration (PWBA), has made a toll-free telephone number available t
Technology

New Filing Alternatives for Form 941

The Internal Revenue Service has set a deadline of January 2003 to end both the magnetic tape and the electronic data interchange (EDI) methods of filing for Form 941, Employer's Quarterly Federal Tax Return. In addition, the magnetic tape filing program for Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return will end at the same time.Instead, the IRS plans to institute an e-file process for both of these forms. Currently, U.S.
Tax

Tax Freedom Day Means Your Money is Your Own

Each year the Tax Foundation, a nonprofit organization based in Washington, D.C., publishes its calculation of what it calls Tax Freedom Day. Tax Freedom Day is the day on which, if you were to give every dollar you had earned since January 1 to the government, you would finally have paid all of your income taxes and the rest of the money you earn would be yours to do with as you see fit.The official Tax Freedom Day this year, based on the average taxpayer paying federal and state income taxes, was May 3, 2001.
Tax

Intuit Boasts Increase in TurboTax Sales

Despite an increase in prices this year, Intuit Inc. announced an eight percent increase in unit sales of its TurboTax tax software program for the 2000 tax season.
Tax

Tax Authorities Raid Business for Non-Withholding

About a dozen agents of the California Franchise Tax Board, armed with guns and accompanied by local police, raided the office and personal home of Nick and Trina Vu Jesson, the owners of No Time Delay Electronics, a Huntington Beach, California company. The company reportedly has chosen not to withhold taxes from workers' paychecks.The company, also known as N.T.D. Electronics, was one of several businesses identified last November by The New York Times as participating in a tax protest movement.

Pages