Tax news

Tax

Taxpayers Giving More to Charity

The following article is provided courtesy of CCH, Inc.Year-end is a popular time for charitable giving, and the amounts that people give continue to rise. A new Council of Economic Advisers (CEA) report on philanthropy states that charitable giving in the US reached a record high of over $190 billion in 1999.
A&A

A Sordid Story at Sunbeam: SEC Probes Accounting Mishaps

The SEC has finished its investigation into the accounting practices that occurred during the reign of Sunbeam's ousted CEO and CFO, and found enough evidence to recommend action.
Tax

IRS Announces New Employment Tax Deposit Rules

Under previous law, businesses with employment taxes of less than $1,000 per quarter could make their tax payments quarterly, while other businesses make more frequent tax deposits. Now, starting January 1, 2001, businesses with employment taxes of less than $2,500 per quarter will be able to make quarterly payments, instead of the monthly payments they were making previously."The new standard will reduce the paperwork and red tape that small businesses face," according to IRS Commissioner Charles O. Rossotti.
Tax

Seven Group Members Indicted in Tax Evasion Scheme

On Monday, seven members of the Oregon-based Christian Patriot Association (CPA?!) were indicted for committing acts of conspiracy against the Internal Revenue Service.The group had set up an illegal banking scheme in which almost 1,000 people hid assets of $200 million from the IRS.
Tax

New Capital Gains Tax Rates Effective 1/1/01

The capital gain tax rates are due to be decreased effective January 1, 2001, but only taxpayers with stock that has been held for more than five years will be affected by the change. Capital gains are profits on the sale of items held for investment, such as stocks, bonds, household furnishings, vehicles used for personal purposes, and real estate (although if the real estate you sell is your personal residence, the gain may not be subject to tax). Special rules apply to gains on the sale of certain items that are considered to be collectibles.
Technology

How Much is Your Car Worth?

The end of the year signals a hurried rush to either buy a car, trade in your old one or settle with what you have.
Tax

IRS Announces 2001 Pension Plan Limitations

The IRS has announced its annual cost-of-living adjustments with regard to dollar limitations for pension plans for the year 2001.
Tax

IRS Announces New Mileage Rates

The Internal Revenue Service announced Thursday the optional standard mileage rates to use for 2001 in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.The amounts for the various deductible costs for use of a car will be effective January 1, 2001 and are as follows:The standard mileage rate for the cost of operating a car is 34.5 cents a mile for all business miles driven.
Tax

GAO Recommends IRS Financial Overhaul

The following article is provided courtesy of CCH, Inc.In a lengthy report, "Internal Revenue Service: Recommendations to Improve Financial and Operational Management" (GAO-01-42) dated Nov. 17, the General Accounting Office (GAO) offered 80 recommendations--43 previously suggested and 37 new.
Technology

Wisconsin Prepares for Pilot 'Net Tax Collection

Anyone who has bought goods or services over the Internet, or is participating in e-Commerce themselves, knows how loud the tax man is knocking on the door of cyberspace to begin collecting tax. However, coming up with a viable method that can be collected, both intrastate and interstate, has been difficult at best.Wisconsin is one of four states that have agreed to participate in a pilot project to electronically charge tax.
Tax

Quick Tips for Year-End Tax Savings

It's not too late to make significant changes to your 2000 tax situation, changes that can affect the amount of tax you owe, or the amount of refund you receive, in April, 2001. Here are several pointers that can help you take control of your taxes before the year ends.Reschedule deductions.
Tax

IRS Releases New Mileage Rates for 2001

The IRS has raised the standard mileage rates, effective January 1, 2001.The new rates are 34.5 cents per mile (increased from 32.5 cents per mile) for business mileage, and 12 cents per mile (increased from 10 cents per mile) for medical and moving mileage.The rate for mileage driven for charitable purposes will remain at 14 cents per mile.The reason for the large increase is due to the rise in gasoline prices. The information was published in IRS Revenue Procedure 2000-48.
Tax

Internet Companies May be Circumventing Tax Rules

The IRS has been charged with the responsibility of determining the effect that an Internet presence has on the administration and compliance rules relating to the collection of income tax.As part of that effort, the upstate New York IRS district office conducted a research project that confirmed the concerns of the Treasury Department, that companies operating on the Internet may not be paying their full share of income tax.The study covered six distinct market segments, all identified through 18,000 Web sites delivering goods or services.
Tax

$67 Million in IRS Refunds In Search of Taxpayers

IRS Commissioner Charles Rossotti is looking to become Santa Claus, as the IRS initiates its search for over 90,000 taxpayers who are due over $67 million in refunds this year.The search is an annual exercise by the IRS, prompted primarily by people changing addresses without informing the proper authorities."This is one case where we're more than happy to pass the buck," says IRS Commissioner Rossotti. Over 15,000 undelivered refunds are due to residents of California, followed by 8,000+ each for New York, Florida and Texas.
Tax

Clairvoyance! Convince Your Clients You Can Read Minds!

Join Eva Rosenberg, affectionately known as the Tax Mama, in a back-by-popular-demand appearance in the AccountingWEB workshop room, Tuesday, November 7, from 4:00 to 5:00 Eastern time.Ms. Rosenberg will discuss tips for figuring out what your clients are thinking - or at least convincing them that's what you've done!
Tax

Read Their Lips: No Tax Law Changes - Yet!

The Senate and House chambers are empty this week, as members of Congress head for home for a brief visit with their constituencies before Tuesday's election. Both groups left unfinished business behind in Washington, and will return next week to try to wrap up the FSC (Foreign Sales Corporation) bill, and some miscellaneous spending and tax bills.
Tax

Tax Advantages of Buying an SUV

Most tax preparers know that companies depreciate the cost of their 6,000+-pound trucks and/or delivery vehicles over a five-year period. However, with more and more business owners investing in Sport Utility Vehicles (SUVs) as their primary car, the tax rules regarding weight limits of vehicles are providing a break for many professionals.Higher depreciation provides an incentive to buy the SUV.
Tax

Election 2000: How are Singles Affected by Tax Issues?

With the presidential election less than two weeks away, it seems that both candidates may have overlooked a significant section of the population - single adults, 25 to 64 years old.The realization that Governor George W. Bush and Vice President Al Gore are concentrating their tax-break strategies on working families and the elderly became evident during last week's debate in which a young woman asked a question during the town hall meeting pertaining to tax breaks for her demographic set.Neither candidates respond very well.
Tax

Senate Finalizes Tax Package

The moment we've been waiting for - tax legislation has finally made its way through the Senate, but there is concern the chamber may have gone too far.
Tax

Frequent-Flier Miles . . . and Taxes!

Frequent-flier miles are so widespread today that they can almost seem like another form of money. Frequent-flier mile awards have even become an issue in some divorce and estate cases. The federal government has considered taxing frequent-flier miles.After careful thought and research, the IRS studied the matter and decided the expense of monitoring and enforcing a tax on frequent-flier miles would be too much of an expense for the government.

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