Tax news

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.
Tax

Bush and Congress Agree to $1.35 TrillionTax Cut

"The largest tax reduction in 20 years," is the way analysts are describing the tax cut plan agreed to by Congress and the White House late Tuesday. Under the new plan, taxes will be cut by $1.35 trillion and this cut will be phased in over the next eleven years.
Tax

IRS Announces New Industry Focus Areas

As part of its Industry Issue Resolution Pilot Program, the IRS has announced it will focus on the following seven areas:Golf course construction costsClarification of the conformity election by banks for bad debtsDemonstrator vehicles provided for employee useReporting of payments to employees who own heavy equipment used by their employersTreatment of restaurant smallwares packagesDetermination of recoverable reserves of oil and gas for cost depletion purposesLocal impact fees associated with low income housing tax credit property
Tax

Congress Debates Internet Sales Tax

One of the current assignments of Congress is to consider extending the five-year Internet sales tax moratorium, which is set to expire this October. The Senate Commerce Committee is to meet later this week to consider legislation in this area. This moratorium affects Internet access fees and isolated taxes.
Tax

Congress Considers Tax Simplification

Congress's Joint Committee on Taxation has presented the legislative bodies with a report, produced over the past 18 months, highlighting 150 recommendations for simplification of the Tax Code.Among the recommendations noted were:Repeal of the alternative minimum taxstandardization of the definition of "dependent child" for various benefitselimination of the phase-outs of personal exemptions and itemized deductions streamlining the taxation of Social Security benefitseliminating income ceilings for deductible and Roth IRAsreturning to the
Tax

E-Filing Up to 30 Percent

While the numbers show that most professional tax return preparers use computers to prepare tax returns but still give their clients a paper tax return to mail to the IRS, the tide is shifting, and this year 39.4 million tax returns - approximately 30% of all returns expected to be filed - were filed electronically.
Tax

Retirement and Pension Bill Ready for House Floor

The House Committee on Education and Workforce has approved a retirement security bill, the tax aspects of which met with approval from the Ways and Means Committee earlier this week.The Comprehensive Retirement Security and Pension Reform Act of 2001, H.R. 10, will go before the entire House the week of April 30.
Technology

Senate Bill Provides Tax Credit to Businesses for IT Training

A bipartisan group of senators has introduced a bill that will provide business owners with tax credits to offset the cost of information technology training costs for employees.The bill would provide a dollar-for-dollar tax credit for the first $1,500 spent, per employee, on IT training.
Tax

When Can You Expect Your Tax Refund?

For those of you who are waiting impatiently for your tax return, or for those of you who have clients pestering you about when they can expect their refund, here is the official word from the IRS. Taxpayers who e-filed their tax returns can expect their refunds to be processed according to this schedule: Refunds for tax returns that were submitted between March 29 and April 5 should have been direct deposited on April 13.
Tax

Representative Saxton Goes to Bat for Small Investors

The following article is provided courtesy of CCH, Inc.The current method of taxing mutual funds investors is discriminatory, unfair and economically counterproductive, according to a new study released on April 23 by the Joint Economic Committee (JEC).
Tax

Your Taxes: Student Loan Interest Deduction

The student loan interest deduction is one of the most misinterpreted areas of recent changes to the tax laws. The rules for deducting student loan interest are confusing (like most tax rules). Many taxpayers who think they ought to be able to take the deduction, can’t, and many who qualify don't know how the deduction works. Here, in a nutshell, are the rules to follow.The deduction for student loan interest is not an itemized deduction, so you don't have to file Schedule A to claim this deduction.
Tax

IRS: Protect Yourself from Audit Risk

Even though the amount of resources the IRS is devoting to auditing tax returns seems to be waning, there still remains the overpowering risk of an audit to every tax return. A recent article published by Fortune Small Business provides individuals and business owners with several tips for avoiding tax audits.Here are some items to keep in mind as you save documentation during the year for your 2001 tax returns. This is a list of items likely to draw unwanted attention to your tax return.
Tax

Microsoft Employees Face Tax Nightmare

Seattle bankruptcy attorneys are reaping unexpected profits from employees of Microsoft who exercised stock options and placed the stock in margin accounts, only to watch the value of Microsoft stock plummet while their income tax bill soared.Some of these Microsoft stock owners found themselves in the unfortunate position of having to sell the shares of stock with depleted value in order to pay off their margin accounts, leaving them with little or no equity and unpaid tax bills on the exercise of t
Tax

Ready, Aim, Fire: Shootists Target IRS

Taking out their aggression toward the high taxes they have to pay, about 75 people paid $2 per bullet to enjoy a little target practice by shooting at IRS tax forms.The event was sponsored by the Michigan Militia and its Wayne County brigade and was held on a remote farm in Shiawassee County, Michigan.
Tax

Pennsylvanians Get Two Extra Days to File Taxes

The Pennsylvania Department of Revenue is big on e-filing. So, the agency encouraged residents to use the state's Web site to e-file tax returns this year. And e-file they did. In droves. So many people exercised their option to e-file tax returns with the Pennsylvania Department of Revenue that the state's computers couldn't handle the traffic.
Tax

Tax Writer Wins Pulitzer Prize

New York Times business writer, David Cay Johnston, has won the Pulitzer Prize award in journalism for his distinguished beat reporting.Mr. Johnston covers taxes and the IRS, and won the prize for, "penetrating and enterprising reporting that exposed loopholes and inequities in the U.S. tax code, which was instrumental in bringing about reforms." In the past year, Mr. Johnston has shown how, in 1999, the poor were for the first time more likely to have their tax returns audited than wealthy taxpayers.
Tax

Tax Tip: Credit For the Elderly Or the Disabled

You may be able to take the Credit for the Elderly or the Disabled if you are age 65 or older, or if you are retired on permanent and total disability, according to the IRS. Like any other tax credit, it's a dollar-for-dollar reduction of your tax bill.
Tax

Tax Tips for Last Minute Filers

With the tax filing deadline close at hand, the Internal Revenue Service offered some tips for those still working on their tax forms:Put your social security number on the return - it's not on the label. Double-check your figures. Sign your form.Attach all required schedules.Send your return or request a filing extension by April 16 -- April 17 for those in New England and New York State north of Westchester and Rockland counties.
Tax

Tax Software Found to be Buggy-Top 15 Problems

Are you having problems running your tax software this spring? If so, the problem may be with the software and not with you. MSNBC has uncovered the top 15 tax software problems that are affecting individual tax preparers this spring.TurboTax The tax computed by TurboTax software varies from the amount found in the tax tables.

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