Tax news

Tax

IRS to Drop Interest Rates

The IRS has announced plans to drop the rate of interest on late tax payments to seven percent, effective July 1, 2001. The seven percent rate will apply to interest due on overpayments as well. The prior rate of eight percent will remain in effect through the end of June.The rate for overpayments for corporations will drop to six percent on July 1.
Tax

16 (and More) Smart Things to Do With Your Tax Rebate

Sometime this summer you're going to receive a check in the mail from your favorite Uncle Sam. Have you decided what to do with the money yet?
Tax

Social Security Number of Deceased Child Causes Grief

A Salem, Oregon couple suffered the loss of their baby to a rare pediatric disease early in 2000. Now the couple faces additional unexpected grief at the hands of the IRS.An unidentified taxpayer claimed the child as a dependent on a 2000 tax return, using the child's name and Social Security number, information that was apparently found on the Internet.The parents of the deceased child also claimed the child as a dependent on their 2000 tax return, a claim that was legal.
Tax

Attorneys Beware: The IRS is Looking For You!

The IRS has just published new Specialized Guidelines for Attorney Examinations. These guidelines will enhance the attorney audit guidelines already available in the IRS Market Segment Specialization Program, a program which is designed to train IRS examiners as specialists in particular industries.The purpose of the new guidelines is to help IRS examiners identify non-filing and non-compliant attorneys.
Tax

Highlights of the New Tax Legislation

We have prepared a 2001 Tax summary for you to offer to your clients as well as a complete set of links for you and your clients that we think would be helpful.
Tax

Official Word From the IRS on Tax Rebates

The IRS has issued its position on the new tax legislation, and details some additional information about timing of upcoming rebates.
Tax

Some States Will Take the Fun Out of Tax Rebates

Tax laws in eight states may require taxpayers to return a portion of the rebates they will receive from the federal government later this year.Some states allow residents to deduct federal tax payments from their state taxable income, so as the federal tax goes down, the state tax will increase, thus creating a tax on the rebate.According to the Federation of Tax Administrators, the states where the potential tax on federal tax rebates may occur include:IowaOklahomaLouisianaMissouriMontanaNorth DakotaOregon
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.

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