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The Easiest Tax Cutter

By Julian Block, attorney and former IRS investigatorThe easiest way for many individuals to lower their taxes for 2001 is to shift payments for itemized deductions from 2002 to this year. Here are some strategies that can help.CHARITABLE CONTRIBUTIONS. They still provide the greatest flexibility for most people.
Tax

New IRS Filing Addresses for Individuals

Mailing addresses for federal individual income tax returns have changed again. The new addresses for the 2002 filing season reflect changes to the following states:ArizonaCaliforniaConnecticutDelawareMaineNebraskaNevadaNew HampshireNorth CarolinaOklahomaOregonUtahVermontVirginiaMailing addresses for federal estimated income tax payments that will be made in 2002 have not changed.Tax returns that are addressed using the previous year's address will be processed without penalty if timely mailed.
Tax

Mailing Addresses for U.S. Tax Returns and Estimated Payments

Mailing Addresses for 2001 Federal Individual Tax ReturnsCHECK ADDRESSES CAREFULLY! MAILING ADDRESSES HAVE CHANGED FOR YEAR 2001 TAX RETURNS!NOTE: Use 0002 for the zip code extension if you are filing a tax return that doesn't include a payment.
Tax

Dollar Limitations, COLAs for Pension Plans Released

The following article is provided courtesy of CCH, Inc.The IRS has announced the dollar limitations applicable to pension plans that become effective January 1, 2002, and cost-of-living adjustments (COLAs) applicable to pension plans and to other provisions affecting such plans for tax year 2002.The maximum limitation for the Code Sec. 415(b)(1)(A) annual benefit for defined benefit plans increases to $160,000, while the Code Sec.
Tax

IRS Announces Rapid TIN Service

The following article is provided courtesy of CCH, Inc.Taxpayers can now obtain a taxpayer identification number (TIN) almost instantaneously using the toll-free telephone number, (866) 816-2065, said IRS Modernization Team Executive Debbie Gascard. The telephone service will operate Monday through Friday from 7:30 a.m. to 5:30 p.m. local time. Faxed requests currently take 48 hours to fill, said Ms.
Tax

IRS Unveils New E-File QuickAlerts Messaging Service

The IRS and its Electronic Tax Administration have announced a new service called QuickAlerts that is available for free to e-file software developers and transmitters.
Tax

Bush Backs Off on AMT Repeal

While Congress debates possible scenarios for an economic stimulus package that will accelerate tax cuts and provide additional relief, President Bush is adding some incentives of his own to move the legislation along.On Tuesday, the White House announced it would back off on its pressure to include a repeal of the corporate alternative minimum tax in the economic stimulus package.
Tax

IRS Increases Standard Deduction, Exemptions, Thresholds

The IRS has released Revenue Procedure 2001-59 which includes the new 2002 tax tables as well as numerous inflation-related changes to tax deductions, credits, and exemptions.The 2002 standard deduction is increased to the following amounts:$7,850 for married filing jointly and surviving spouses$6.900 for heads of households$4,700 for single $3,925 for married f
A&A

IRS Announces Change that Favors Small Businesses

Nearly two years ago, the IRS released guidelines requiring many businesses with revenue over $1 million to use the accrual method of accounting instead of the cash method.
Tax

IRS Issues Guidance on Qualified Tuition Programs

The following article is provided courtesy of CCH, Inc.The IRS has provided guidance with respect to recordkeeping and reporting requirements applicable to qualified tuition programs (QTPs) described in Code Sec. 529, in light of the amendments made to that statute by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) (P.L. 107-16).
Tax

Mellon Bank Tax Return Problem Gets Worse

Earlier this year it was disclosed that, in the spring of 2001, employees at Pittsburgh's Mellon Bank tax processing center, responsible for processing tax returns for the states in the northeast, hid and in some cases destroyed by shredding at least 40,000 federal income tax returns and accompanying payments.The amount of the destroyed tax return checks was estimated to be at least $810 million.Now it appears that the number of mishandled tax returns excee
Tax

End-of-Year Tax Strategies for Investors

By Julian Block, attorney and former IRS investigatorTime is running out on your opportunities to save taxes for 2001. Here are some tips to guide you in your search for steps to take by Dec. 31.CAPITAL GAINS. There is a break for long-term capital gains from sales of stocks and other investments owned more than 12 months. The top rate is 20 percent, versus a top rate of 39.1 percent for "ordinary income," which is IRS jargon for income from sources such as salaries, business profits, dividends, and interest.CAPITAL LOSSES.
Tax

IRS: Lower Interest Rate on Tax Over/Underpayments

The IRS has announced the following new quarterly interest rates for overpayments and underpayments of taxes, all of which represent a drop of one percentage point: 6% for overpayments 5% for corporate overpayments 3.5% for the portion of a corporate overpayment exceeding $10,000 6% for underpayments The new interest rates will be effective for the quarter beginning January 1, 2002.
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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Creating Rainmakers: The Manager's Guide To Training Professionals To Attract New Clients Million Dollar Consulting, New and Updated Edition: The Professional's Guide to Growing a PracticeDeveloping Knowledge-Based Client Relationships, The Future of Professional Services
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.

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