Tax news

Tax

Pending Legislation Will Increase Meal Deduction

The Senate is considering legislation that would accelerate the rise in the meals expense deduction for truck drivers to 80 percent. Under current law, truck drivers are entitled to deduct 60 percent of their allowable meal expenses. That percentage is scheduled to increase to 80 percent in 2008.The Small Business Works Act, proposed by Senator Christopher Bond (R-MO), would implement the increased meal deduction to 80 percent in 2002. The House passed legislation in March favoring this increase.
Tax

L.A. Property Tax is Out of This World

Los Angeles County property tax assessors are attempting to go where no taxing authority has gone before - into outer space. The taxing agency wants to apply property tax rules to satellites owned by California-based Hughes Electronics. The satellites are located in a fixed position 22,300 miles over the equator.
Tax

IRS Publicizes Tax Scams

The IRS's Criminal Investigation unit (CI) has launched a new area of the IRS web site dedicated to providing information about tax scams and fraud schemes.The Criminal Investigation unit is the law enforcement arm of the IRS. CI cites its mission as serving the American public by investigating potential criminal violations of the Internal Revenue Code and related financial crimes in a manner that fosters confidence in the tax system and compliance with the law.
Tax

Don’t Fall for IRS Rebate Scam

Some people will do anything for a buck - they might even try to take advantage of confused taxpayers.
Tax

Tax Relief for Married Couples

by Julian Block, attorney and former IRS investigatorPresident Bush’s tax package helps millions of two-income couples. It’ll eventually provide partial relief for those burdened by what has come to be known as the marriage penalty, the long-standing law quirk resulting from the imbalance in the standard deduction amounts (they favor singles over marrieds) and the way the tax brackets are structured.
Tax

IRS Offers New Withholding Calculator

The IRS has added a new withholding calculator to its Web site. The calculator has been updated to reflect the new 2001 income tax rates that became effective July 1.Using the withholding calculator, you can determine the appropriate federal income tax withholding for your income and deductions.
Tax

Recalculating Quarterly Tax Estimates

The change in the tax rates due to recent tax legislation provides a planning opportunity for tax advisers. Taxpayers need to be aware of the impact of the new, slightly lower tax rates, which may have an effect on planning for third and fourth quarterly estimated payments. New tax tables published July 1 reflect the change in tax rates. Some taxpayers may benefit from a slight reduction in quarterly payments.
Tax

IRS Modernization Projects at Risk

Auditors at the General Accounting Office (GAO) have determined that the IRS plans for modernization, as reported at AccountingWEB last week, are at risk for cost overruns, delays, and performance shortfalls. Examples of potential problem areas include the new telephone system which is expected to answer calls more quickly and accurately. This system is reportedly three months behind schedule.
Tax

Don't Spent Your Extra Income All in One Place

The new 2001 withholding tax tables are in effect now, which means that tax withholding rates are lower and take home pay is increased. Taxpayers across the country will be trying to find new ways to spend their tax savings windfall . . . not!Many taxpayers won't notice any change in their take-home pay. Others will notice only a small increase. The tax table change affects taxpayers with income that is taxed in the 28 percent and higher brackets.
Tax

The New IRS - How Will it Affect You?

The IRS is unveiling a new, customer-focused plan that will result in many changes for the organization. Among the new innovations we can expect are improvements to telephone service, online services, overall performance, audits, and Web design. Here are some sample changes we can expect in the near future:Phone service will be improved so that it will be easier for taxpayers to call the agency and get accurate information quickly. This service should be in place by the end of July.Taxpayer data will be transferred from 1960's era tape storage to a more modern system.
Tax

IRS Targets Consultants

The IRS has recently published a new audit techniques guide designed to help auditors in their examinations of individuals who work as consultants and businesses that hire consultants.
Tax

IRS Loses Taxpayers' Checks

The Boston Globe reports that approximately 1,800 checks that were sent to the Internal Revenue Service this spring are missing.
Tax

IRS Sets Priorities

The IRS has released its annual Guidance Priority List, making public the agency's itinerary for the 18 months to come. The Guidance Priority List is a list of items on which the IRS plans to issue formal rules and guidance.
Tax

IRS Orders States: No Tax on Rebates

There are eight states that allow federal income taxes paid as a deduction on the state tax returns: Iowa, Oklahoma, Louisiana, Missouri, Montana, North Dakota, Oregon, and Utah.
Tax

Sales Tax Simplification - An Update

This article is provided by David Hardesty, of E-CommerceTax.comThe day when all online sellers have to collect sales tax is not here, yet. However, many in state government, and many Main Street retailers would at least like to see all large online sellers collect tax. There is considerable momentum behind the Streamlined Sales Tax Project, where simplification of sales tax systems would be accompanied by voluntary collection of tax.
Technology

House Leader Plans to Block Online Sales Tax

House Majority Leader Dick Armey has announced he will work to block sales taxes on Internet sales. The ban he foresees would be of a short-term nature. Representative Armey plans to rally support for a three-to-five year ban on Internet sales taxes in conjunction with legislation currently before Congress to make the current ban on Internet access taxes permanent.
Tax

Employers - New Withholding Tables Available For 2001

Under the recently enacted Economic Growth and Tax Relief Reconciliation Act of 2001, personal income tax rates will be reduced effective July 1. The IRS has issued Publication 15-T, New Withholding Tables for 2001 (for wages paid after June 30, 2001), and reminds employers that they are to begin using the new tables for withholding on wages paid after June 30, 2001. The new withholding tables are a supplement to Publications 15, 15-A, and 51, and should be used instead of the tables in those publications.
Tax

Clinton's Tax Status is Cause for Confusion

Former President Bill Clinton, currently in the United Kingdom on business, has given the taxing authorities there a bit of a problem over his tax status, reports our sister site, accountingweb.co.uk.The Inland Revenue's foreign entertainers unit is understood to have taken a month to decide whether the ex-President should be classified as an entertainer or a politician
Tax

Tax Legislation Client Seminar Tools

Key Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001AccountingWEB is pleased to present a special offer on a turn-key client seminar on the new tax legislation, developed by Garverick - McCoy Seminars, a leader in tax seminar materials since 1993. Everything you'll need to put on a successful client seminar will be included in this package.
Tax

Are You an Employee or an Independent Contractor?

Working for yourself, either full- or part-time, means that you are not working as someone else's employee. You are considered to be either a sole proprietor or an independent contractor. But how do you know if you are self-employed or if the check you receive should have taxes withheld?If you are an independent contractor, you may perform services for someone who pays you for those services, but that person does not employ you.

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