Tax news

Tax

Tax Projections Show Lower Payments to IRS for FY 2001

When Americans pay their taxes on April 15, 2002, CCH Incorporated predicts the tax liability will be lower than in previous years.Due to low inflation, CCH believes the tax results based on income adjustments for single and married taxpayers will be more for 2001 than the previous two tax years.
Tax

Clinton Opposes 5-Year Internet Tax Moratorium

Earlier this year the House passed a measure to freeze any attempts at an Internet tax for five years.
Technology

States get Another Chance for Internet Tax

It looked as if the taxing of goods bought over the Internet was a moot point until at least 2005 (however, see related story), but states may get another chance to get rich based on a new plan being pushed by Sen. John McCain (R-AZ).McCain and others in Congress have said that they would support Internet taxation if states were to simplify their tax structure.
Tax

On the Move: Barr Leaves IRS for Dell

According to sources, the very high-profile Robert E. Barr who headed up the Internal Revenue Service's Electronic Filing initiative, is leaving the public sector to take a job with Dell Computer in Austin, Texas.The move may take place as soon as the next several weeks. Mr. Barr, the Service's assistant commissioner for Electronic Tax Administration, was with Intuit prior to joining the IRS.He will assume the role of marketing director for Dell.
Tax

CCH Annual Consumer Taxes Survey

CONTACT:MARY DALE WALTERS847-267-2038mediahelp@cch.com NEIL ALLEN847-267-2179allenn@cch.comSTATES STAY THE COURSE WITH GAS, SALES, CIGARETTE TAXES(RIVERWOODS, ILL., September 11, 2000) – It may be a small consolation, but motorists in a few states will be paying lower gas taxes on their high-priced gas this summer, according to CCH INCORPORATED (CCH), a leading provider of tax and business law and software.
Technology

Germans Can Surf Once Again

German Chancellor Gerhard Shröder rescinded an earlier plan to impose a tax on personal use of the Internet in the workplace.
Tax

IRS Reorganizing for Better Customer Service

In an attempt to provide better customer service the Internal Revenue Service has planned to begin rearranging some of its service centers starting Oct. 1.Not all taxpayers will be affected by the change, though. Only 12 states will be changed for individual taxpayers and 16 states will be changed for business taxpayers. Some taxpayers may find they have to file their individual return at a separate center from their business returns.Once the transition is finished 116 million individual returns for the wage and investment operation division will be processed by eight centers.
Tax

Another Tax Bill Bites the Dust

House Democrats sided with President Clinton Wednesday in failing to override Clinton’s veto of the marriage tax penalty. The vote was 270-158 meaning the override vote failed by only 16 votes of the required two-thirds majority necessary for the veto override. Forty-nine Democrats voted with the Republican majority to override the veto and 157 Democrats voted with the President.House Majority Leader Dick Armey spoke out after the vote, saying, “Americans understand it is wrong to tax marriage.
Tax

Tax Survey Finds Confusion Across State Lines

It seems nothing is more complicated than our nation's tax system, especially from state to state.
Tax

Tax Analysts Give Thumbs Up to Bush Plan

The Joint Committee on Taxation, a non-partisan group that provides all the estimates of the cost of tax legislation on Capital Hill, has given thumbs up to Bush and thumbs down to Gore with regard to tax legislation the two candidates are proposing in their campaign speeches.According to documents released on Friday, the Joint Committee on Taxation, claims that George W.
Tax

Link to New Per Diem Rates

The IRS recently released new per diem rates for travelers. These rates are effective October 1, and may be used in lieu of previously published year 2000 rates. Taxpayers who prefer to use the previous rates may do so until December 31, 2000.The complete table of rates by city is available for downloading or online perusal.
Tax

Estate Tax Repeal Officially Dead

Members of the House of Representatives voted Thursday in an attempt to override President Clinton's veto of the bill that would repeal the federal estate and gift tax.The vote fell 14 votes short, largely due to votes from Democrats who were not present last spring for the original vote on this bill in the House.This marks the official end of this bill as an override vote was necessary from both the House and the Senate to kill the veto.
Tax

Roth and Retirement Plan – the Names are Synonymous

William Roth will go down in history as the man who made America save for its collective retirement. After giving his name to the phenomenal Roth IRA, you’d think he could rest on his laurels and, well, retire. Instead, Roth has a new Roth baby in the works.The plan, unveiled in the Senate on Wednesday, would raise contribution limits for both regular IRAs and 401(k) plan.
Tax

Dems May Jump Ship and Side with Clinton

Thursday’s House vote should be close, but analysts are predicting that Congress will be unable to collect enough votes to override Clinton’s veto of the controversial estate and gift tax repeal bill.Some Democrats who voted for the bill initially are considering changing their votes. In addition, eleven Democrats who were absent from the original vote are expected to side with Clinton Thursday.
Tax

Ragin' Cajun! Improving Tax Receipts in Louisiana

The state of Louisiana is in trouble.
Tax

New Per Diem Rates Available for Travelers

The IRS has announced that travelers have the option of reporting expenses based on the per diem rates that have been in place since January 1, or they may opt to use the newly published government rates for the last three months of the year.The government rates are reflective of the new General Services Administration policy to change per diem rates as of the beginning of the federal government fiscal year, October 1, instead of waiting until the beginning of the calendar year.
Tax

CLINTON NIXES ESTATE TAX REPEAL

As expected on Thursday afternoon, President Clinton vetoed the proposed repeal of the Estate and Gift Tax. The bill will return to Congress where legislators will attempt to override the veto. The White House said that it did not believe the Republican-dominated Congress had enough votes to override the veto. If all those who initially voted for the passage of the bill vote to override the veto, the necessary two-thirds majority will prevail.Under current law, the first $675,000 of property left by a deceased person is exempt from tax.
Tax

US Public Will Pay $602 Billion in Taxes Online by 2006

Despite funding struggles and bureaucratic inertia, eGovernment will change the way authorities deal with their citizens. According to a new report from Forrester Research, federal, state, and local governments will collect 15% of taxes online by 2006 – a total of $602 billion. “An increasingly demanding and wired public is looking for speed and convenience from its government,” said Jeremy Sharrard, associate analyst at Forrester.
Tax

Roth 101: A Refresher Course

Now that the Roth IRA has been around for a few years, many CPAs and accounting professionals have extolled the value of the plan to their clients, but for some reason, many taxpayers aren't taking advantage of this vehicle.To refresh your knowledge of the Roth IRA, here is a basic explanation of its benefits and parameters.The Roth IRA is available in a $2,000 contribution or Roth conversion, and the latter plan often brings about the most savings.
Tax

Eighth Circuit Overturns Tax Court

Previous tax rulings, notably the INDOPCO Inc. vs. Commissioner case, have required that the tax treatment of officers’ salaries in an acquired subsidiary be capitalized.

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