Tax news

Tax

FEI Study: US Companies Face International Disadvantage

A new study performed by the Financial Executives International (FEI) Research Foundation finds that US companies doing business in the international market face tax disadvantages in comparison to their international counterparts.Tax laws that allocate US interest expense to foreign source income and that limit the use of foreign tax credits can frequently result in double taxation for US companies.The study, which is the second edition of a study performed in 19
Tax

New Income Tax Brackets

by Julian Block, attorney and former IRS investigatorPresident Bush achieved a big opening victory with his Reaganesque ten-year, $1.35 trillion tax cut. The package provides the biggest reduction since 1981 and cuts individual income-tax rates for everyone for the first time since 1986. To garner the support of a closely divided Congress, the latest overhaul of the Internal Revenue Code includes diluted or deferred versions of Mr.
Tax

Top Ten Tax Preparer Errors

The IRS has posted the latest list of errors encountered on tax returns prepared by paid tax preparers.
Tax

Rules for Keeping Tax Records

How long are you supposed to keep the receipts and other documents that support the numbers you put on your tax return? The Internal Revenue Services expects taxpayers to maintain certain financial records and sets guidelines for how long you are supposed to save this information. The records you are required to keep go hand in hand with the preparation of your tax return.
Tax

16 Sure-Fire Ways to Get Your Tax Return Audited

Commerce Clearing House has prepared a list of red flags that are likely to trigger an audit of your tax return. If you want to avoid an audit, avoid these items, according to the article which appeared in, among other places, the Washington Post.
Tax

Tax Rebate Con-Men May Become Cons

Two men have been arrested in connection with the recent tax rebate scam wherein taxpayers in several states were mailed official-looking documents that offered to compute the amount of the federal tax rebate for a fee.The men, Russell Wayne Levine, 42, and Borden Barrows, 39, live in Boca Raton, FL, and are accused of perpetrating mail fraud through their operation of a company called the Revenue Resource Center.If the men are found g
Tax

Wal-Mart Customers Spending Rebate Checks

The first wave of income tax rebate checks has been mailed by the Treasury Department and received by taxpayers whose Social Security numbers end in 00-09. Checks to taxpayers with Social Security numbers ending in 10-19 are being mailed this week.
Tax

Uncovering Your Spouse's Hidden Assets

by Julian Block, attorney and former IRS investigatorDivorces can be expensive, from fees for attorneys or expert witnesses to appraisals of homes, businesses or other assets. And the costs soar when couples take to the courts.Consider what happens when wives need private investigators to track down assets concealed by future ex-husbands.
Tax

Accenture to Redesign IRS Web Site

The IRS has awarded Accenture with a contract worth potentially $33.6 million. The challenge facing Accenture is to turn the IRS Web site into a useful and efficient Internet location where users will be able to more easily access the wealth of information stored therein.The IRS site includes over 100,000 pages of text and graphics, but navigation is difficult.
Tax

States Will Change Tax Laws

As a result of the recent controversy over the taxation of federal income tax rebates at the state level, three of the nine states that allow a deduction for federal taxes paid will change their laws to prevent taxation of this year's tax rebate.
Tax

House Approves Non-Itemizer Charitable Deduction

The House of Representatives has approved a bill that would permit not-itemizing taxpayers to deduct on their tax returns up to $25 per year in charitable giving, beginning in 2002. For a taxpayer in the 15 percent bracket, this would represent approximately $3 in tax savings.Under the terms of the House bill, the amount of allowable deduction for charitable contributions would increase to $100 over the next ten years.
Technology

CCH Announces Enhancements to Tax.CCH.com

CCH INCORPORATED announces new enhancements to its popular tax.cch.com destination Web site for tax professionals including free use of its Internal Revenue Code and Treasury Regulations from the convenience of the home page.
Tax

Flat Tax Resurfaces

Representative John Linder (R-GA) and Representative Collin Peterson (D-MN) have introduced legislation which they feel will "level the playing field for average Americans."The legislation, H.R. 2525, is called the FairTax Act, and was first introduced without success in 1999. The bill currently awaits consideration by the House Ways and Means Committee.The FairTax Act would institute a flat rate consumption tax, replacing the current income tax as well as the payroll tax.
Tax

Tax Rebate Scam Comes Up Short

A company offering to provide a calculation of the federal income tax rebate for a nominal fee is the subject of a complaint filed by the U.S.
Tax

Poll Finds Opportunity for CPAs and Financial Planners

Results of a recent poll conducted by the financial services firm of Morgan Stanley show that more than half of American taxpayers plan to seek financial advice regarding the ways in which the new tax laws affect their personal finances.
Tax

Double Taxation Treaty to be Signed This Week

The United States and the United Kingdom are to sign a double taxation treaty Tuesday that could have far-reaching consequences for British businesses.The U.K.'s Gordon Brown, Chancellor of the Exchequer, and his American counterpart, Paul O'Neill, Secretary of the Treasury, will seal three years of negotiations with a treaty introducing new exemptions on investment income, pensions, and capital gains, The Times has revealed.British businesses with employees in the U.S., and U.K.
Tax

IRS Going After Stock Purchase Plans

The Internal Revenue Service has announced its intention to consider applying Social Security tax to stock purchase plans.A stock purchase plan permits employees to buy shares in their company stock at a discount - typically 15 percent below market price.The IRS has decided that it might want to impose the Social Security tax (7.65 percent to the employee and a matching 7.65 percent to the employer) on the difference between the stock's market price and the discounted purchase price.The IRS cla
Tax

IRS's Tax Rebate Boondoggle

Everyone has had the experience of rushing too fast to get something done, only to find your quick actions resulted in a colossal mistake. The IRS knows just how this feels.This past Monday the IRS mailed over 100 million letters to taxpayers explaining the tax rebate program and describing the exact amount each taxpayer should expect to receive in the rebate check.
Tax

IRS Subject of Treasury Department Sting Operation

The kinder, gentler IRS may be striving for excellence, but undercover Treasury agents have found something less than quality service at IRS walk-up centers around the nation.A sampling of 49 IRS taxpayer assistance centers across the country between January 29 and February 9 this year disclosed the following:Of 90 questions involving issu
Tax

Wal-Mart Says: Bring Us Your Tax Rebates!

Not wanting to miss an opportunity to lure would-be shoppers to its aisles or to endear itself to consumers everywhere, Wal-Mart has announced a plan whereby taxpayers can cash their tax rebate checks at no charge, with no strings attached.The income tax rebates, which will be mailed to nearly every taxpayer in the nation, will start appearing in mailboxes later this month.People who choose to come to Wal-Mart to cash their checks will have three choices:Take cash for t

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