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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.
Tax

Section 83(b) Election an Option for Tax Clients

Are you familiar with Section 83(b) of the tax code? It provides a method to save your clients money on their tax bill should they own stock options through their employer.With an election made under Section 83(b), the taxpayer agrees to pay taxes on the current value of shares after exercising the option, even if the taxpayer doesn't have full ownership of the shares now because they are restricted.
Tax

H&R Block Jumps into Online Tax Filing Fray

H&R Block, which has served more tax clients than any other single company through is offices in the U.S., U.K., Canada, and Australia, has announce an exclusive agreement with Inisoft to provide online personal tax preparation services throughout Canada.
Tax

Tractor Pulls Estate Tax Bill to Clinton's Door

The estate tax repeal bill was delivered to President Clinton Thursday for what is expected to be a certain veto. Congressional leaders have promised to attempt a veto override on this extremely popular bill.The bill would entirely repeal the federal estate tax over a 10-year period. Opponents of the bill claim it favors the wealth, while supporters claim it will save untold numbers of family businesses, particularly farms, which often end up being sold to pay exorbitant estate taxes.Clinton has until Labor Day to make a decision about the fate of the bill.
Tax

German Government to Tax Internet Surfing

Germany's Finance Ministry appears to have been watching too many episodes of John Cleese's Fawlty Towers after it came up with a novel method of raising more taxes, according to UK.internet.com.Employees surfing at work for private recreation will be taxed on their endeavors as a perk of the job, in the same way that they would be taxed for the private use of a company car or indeed any other benefit.German employers have hit back at the unworkable proposal saying it is insane and impractical.
Tax

National Taxpayer Advocate Leaves IRS

The National Taxpayer Advocate, W. Val Oveson, says he will leave the Internal Revenue Service this fall and return to Utah and the private sector.Oveson was instrumental in implementing many taxpayer advocate programs during his two years with the IRS, most notably the appointment of similar positions in each state that reported to him rather than district directors.
Tax

'Low Tax' Looper Lands in Slammer

Kentucky tax assessor Byron "Low Tax" Looper, who actually changed his name to Low Tax in an effort to gain recognition and win votes, was issued the final assessment Wednesday: life in jail with no parole.Low Tax was convicted of murdering his opponent for state senate, Sen. Tommy Burks, after a witness placed Low Tax at the Burks farm where the senator was shot in his pick-up truck. Low Tax was said to have admitted to the killing even though family members claimed he was with them at the time.Low Tax's attorney has promised to appeal.
Tax

Presidential Election Issues Affect Small Business

As a CPA working in practice or industry, you know the impact a presidential election can have on your clients or employer. The views of the candidates on health care, taxation and other issues can mean a boon or bust to millions of our nation's small businesses.Overall, analysts claim Bush is more of a friend to small business based on his views related to Internet sales tax (against) and a repeal of the inheritance tax (for).
Tax

IRS Lightens up on Deadlines and Penalties

The IRS has issued final regulations that implement sections 6071 and 6651(h) of the Internal Revenue Code regarding information return filing deadlines and penalty payments under installment agreements.The new rule for filing information returns allows for a March 31 filing deadline instead of the earlier February 28. The stipulation is that this new deadline applies only to information returns filed online.
A&A

Real Estate Transfer Tax Implications - New York State

Accountants who are advising their clients in real estate transactions should always consider transfer tax implications. There are State transfer taxes as well as taxes imposed by the City of New York, some counties and towns. These taxes are paid at the time of the closing or recording of deed.The New York State Real Estate Transfer Tax is imposed on each conveyance where consideration exceeds $500. The tax rate is $2.00 for each $500 of consideration or fractional part thereof.

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