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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.
Tax

Warning to Olympic Winners: The Taxman Cometh

The Australian Taxation Office (ATO) has prepared its own special welcome for participants in next month's Olympic Games - a special unit has been set up to claim its share of any Olympic earnings.ATO Olympics project director Peter Rowe told Agence France Presse that any money earned by winning competitors would be taxed in Australia, regardless of where the money was paid.
Tax

Tax Tips for High-Income Clients

In our new economy, the number of U.S. millionaires has risen dramatically to 7.1 million households compared to less than half that number just five years ago. While this is good news for the individuals, many of them don't realize the tax bite that they are about to face. What can the tax advisor provide to these individuals to reduce their tax liabilities?J.P.
Tax

IRS Unveils New Appeals Division

The IRS appeals division has gotten a facelift. As part of the complete IRS reorganization, the appeals division will now work more closely with the new IRS operating divisions and will arm appeals officers with greater settlement authority.National Appeals Chief Daniel Black is trying to organize as many as 300 officers who will be handling the onslaught of appeals that has been bottlenecking the Service since a 1998 ruling gave more taxpayers the right to a hearing before an appeals officer in certain collection actions.
Tax

Hello? IRS On the Line!

If you’ve never picked up the phone to hear the person at the other end identified as a representative of the IRS, you may not know what kind of a treat you are in for. But wait! Just because the IRS is on the line doesn’t mean you should go running for cover because your tax return is about to be examined. In this case, the kinder, gentler IRS is just being friendly.The IRS is about to conduct a telephone survey to determine the national comfort level with the process of electronically filed income tax returns.
Tax

Businesses Will Save Billions by E-Filing Taxes

The IRS has established a goal of 80% for the amount of tax returns it hopes will be filed electronically by the year 2007.
Tax

Free Tax Valuation e-Newsletter now Available

The Financial Valuation Group, a financial consulting firm specializing in business and intellectual property valuations, expert testimony and financial consulting, has created the Tax Valuation E-Flash, an electronic newsletter that delivers timely information on a variety of items related to valuation ramifications of tax cases.The free newsletter, available for subscription, includes abstracts of valuation related court
Tax

Some new Tax Shelters a No-Go With Treasury

Based on sources, The New York Times reports that several Big 5 firms are proposing unique tax shelters to clients that do not make the grade. The shelters create artificial tax losses by investing in partnerships.The Treasury Department did not release the names of the firms that are suspect, and could not be sure of which firms even proposed the shelters.
Tax

Has the IRS Stepped Over the Line?

A proposal by the Internal Revenue Service has tax preparation software companies and the technology industry up in arms.The Service is asking tax software companies to offer taxpayers 'free' tax preparation and electronic filing services in exchange for providing easier access to individuals' private tax records.While this doesn't seem inherently out of order, software companies believe the IRS may someday be a competitor in offering the same services.
Tax

Clinton Vetoes Marriage Tax for All the Wrong Reasons

President Clinton issued his long-promised veto on Saturday and dashed the hopes of married couples everywhere who were hoping for a tax cut this year. In a confusing message, Clinton stated first that the elimination of the marriage tax penalty would take too much revenue away from the government and more than use up the federal surplus about which we keep hearing so much.Upon closer examination, it is clear than Clinton believes no such thing.
Tax

A Change in Real Property Tax Depreciation Methods?

A recent study by Big 5 firm Deloitte & Touche released this week concludes that the current investment recovery depreciation schedules of 39-years for non-residential property and 27.5-year for residential property are too slow and should be changed.The study, which is the most comprehensive depreciation study in over 20 years, shows that the economic value of property should more accurately correspond to a schedule of 20 years or fewer to properly reflect modern economic co
Tax

IRS to Reach Out, Get Organized

The IRS has announced the new Agency-Wide Shared Services group, which is providing support for IRS workers nationwide. Services covered by this new group will include administration in the areas of procurement, facilities, real estate, personnel, and Equal Opportunity and diversity issues.By taking some administrative duties out of the hands of IRS offices around the country, the remote workers will be able to provide more concentrated services to taxpayers.The AWSS is part of the IRS reorganization, which is intended to bring more specialized services to taxpayers.
Tax

IRS Employees Caught Taking Bribes

Eavesdropping devices helped officials catch eight Chicago IRS employees were allegedly were taking bribes in exchange for offering certain taxpayers breaks on paying their income tax.The eight were placed on paid, administrative leave until further notice. While one agent was taped discussing a $25,000 payment, a source close to the Chicago Sun-Times reports that the payment actually was less than $100.At least two of the eight became informants and wore recording equipment on-site.
Tax

Separating Death and Taxes

Separating Death and Taxesby Michael B. Allmon, CPAThe U.S. Congress, encouraged by popular sentiment, tried to separate death and taxes by voting to repeal the estate tax in July.

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