Tax news

Tax

Tax Timeline a Must-Read for Preparers

Fortune magazine has put together an insightful look at 75 years of Taxation with a new timeline.Beginning with the Revenue Act of 1926 and ending with Treasury Secretary Lawrence Summers' crackdown on corporate tax shelters in 2000, the timeline puts all taxation highlights in order and with brief descriptions.A chart of tax revenue collected also is included; in 1930, the figure was $3 million, compared to almost $2 billion in 2000!
A&A

Refresher on Tax Deductions for Small Business

Most tax professionals advise their clients who own small businesses that they are much more likely to be audited by the Internal Revenue Service than anyone who is employed by another company.
Technology

TurboTax Announces Completely Automated Tax Return

The new Automated Tax Return from Intuit, maker of TurboTax, will electronically import information from the most common tax forms: W-2 (Wage and Tax Statement), 1099-INT (Interest Income), 1099-DIV (Dividend Income), and 1099B (Broker transactions). This information will be placed directly on the tax return without the preparer having to enter any information on the forms.Tax information will be provided by participating payroll and ebusiness services including Ceridian, Fidelity Investments, PeopleSoft, ProBusiness, Salomon Smith Barney, TD Waterhouse, T.
Tax

Six Chicago Tax Preparers Charged With Fraud

Six tax preparers who live in and around Chicago were charged on Monday with tax fraud by the state of Illinois.Those charged include Renata Zaczek of Bridgeview; John De Helean, Danuta Dossou, Lope T. Hilado, Jaime Mireles and Ashim K. Roychowdhury of Chicago. Each was charged with one count of forgery. This felony is punishable by two to five years in prison and a $25,000 fine.The Illinois State Attorney General and State Revenue Director announced the charges, and said all six knowingly falsified tax returns with wrong figures as to total income.
Tax

GAO Advises Against Cash Balance Conversions

The U.S. General Accounting Office (GAO) has recommended that the Internal Revenue Service continue an unofficial moratorium on cash balance approvals.
Tax

Bush or Gore? Will the real Front Runner Step Up?

An independent national survey commissioned by inc.com suggests that Governor George Bush may be the present front-runner among small-business owners. The results show that the major worries of small-business owners are taxes, health insurance, and government regulations.The survey suggests that nearly 50 percent of respondents lean toward Governor Bush in the November election, whereas approximately 30 percent are partial to Vice President Al Gore.
Tax

New Internet Tax Scheme Presents Another Method

A group that provides guidance on how to expand the Internet has come up with a proposed solution to the taxing of goods and services over the Internet, and will present the solution on Friday, Oct. 13. This time, the solution is very simple.A committee of the National Academy of Science's National Research Council is recommending that everyone pay the same tax rate regardless of where they reside or the state in which the vendor is based.
Tax

DC Commuters Receive Federal Stipend

Effective October 1, 2000, up to 200,000 federal employees in the DC metropolitan area are entitled to receive a monthly stipend designed to get them off the highways and onto public transportation.The Metrocheck program, which has provided a $33 per month commuting stipend to 150,000 federal employees since 1993, has been expanded to provide an increased subsidy of $65 per month and to cover an additional 200,000 federal employees.
Tax

Roth Risk-Takers Rebuked by Regulators

Remember the confusion when the Roth IRA first surfaced?
Tax

Could Enrolled Agents Take the Place of CPAs?

The accounting profession is certainly aware of the Enrolled Agent (EA), but is it likely that the EA could some day take the place of the CPA?Not likely, mostly because EAs specialize in only tax. Still, it's certainly worth a look. While there are only 35,000 EAs compared to an estimated half-million CPAs and public accountants, EAs actually report to the government rather than a state board of accountancy.
Tax

Editor Speaks Out on Congressional Tax Debates

As the 106th Congress prepares to end its final session, I can't help but think back on the major tax-related congressional events of the past year. So much hype about the repeal of the estate tax and the end of the marriage penalty -- huge changes in the tax laws that either directly or indirectly would have affected many Americans for the better and none for the worse. Was it all for political posturing?
Tax

The IRS is Wrong 46 Percent of the Time!

Who would have thought anyone would actually confirm what the CPA profession has known for a long time ... that the Internal Revenue Service actually makes mistakes!A study by the U.S.
Technology

Europe vs. US in Tax War Over Software Sales

In June this year, the European Commission closed a tax loophole for US companies, when it said that they had to charge VAT for software and music sold over the Internet. The proposal also said US companies could choose in which European Union country they wanted to pay VAT. However, European governments are questioning the Commission's proposals. Until now, many US companies have avoided paying VAT because the current legislation does not take Internet sales into account.
Tax

Less To The IRS Next Year

PLEASE NOTE: This press release has been revised on September 29, 2000 and reissued to reflect the Department of Labor's corrected CPIU figures.CONTACT:Mary Dale Walters847-267-2038mediahelp@cch.comNeil Allen847-267-2179allenn@cch.comLESS TO THE IRS NEXT YEAR:CCH RELEASES TAX BRACKET CHANGES FOR 2001(RIVERWOODS, ILL., September 29, 2000) – Some modest tax relief is in store for 2001, no matter who wins the presidential election, according to CCH INCORPORATED (CCH), which today released estimated income ranges fo
Tax

Is Your State Friendly to Entreprenuers?

How friendly is your state's public policy in supporting small business and entrepreneurs?A new report called the 'Small Business Survival Guide Index' issued by the Small Business Survival Committee found that South Dakota, Nevada, Wyoming, New Hampshire and Texas were the top five states, in order.Consequently, the bottom of the list, beginning with number 46, included Ohio, Minnesota, New Mexico, Rhode Island, Hawaii and the District of Columbia.
Tax

IRS Restructuring Begins Today

Today is the first workday of the new fiscal year and is the day that the new restructuring plan for the IRS takes effect. The agency’s old structure of dividing taxpayers by geographic boundaries will be replaced with a new, specialized system built around specific divisions meant to deal with taxpayers with common needs.The new IRS will be made up of the following four divisions:WAGE AND INVESTMENTWage and Investment (W&I) serves individual taxpayers.
Tax

New IRS Appeals Hotline Number

1-877-457-5055The Internal Revenue Service now has a toll-free help line for questions related to the Appeals process. The number is 1-877-457-5055. The system will automatically route callers to the appropriate Appeals Office site. Previously, each of the 33 Appeals offices nationwide used a local number that was not toll-free. The toll-free service will make it easier and more convenient for taxpayers to obtain assistance.
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.

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