AccountingWEB News Wrap-Up - Issue 213
- IRS, States Partner to Target Abusive Tax Avoidance
- House Passes Internet Tax Moratorium
- PCAOB Tackles Tax Shelters
- New Challenges For Reporting 2002 Capital Gains
- Taxes Paid to State and Local Governments Jumps in FY 2003
- Justice Department Leans on Grant Thornton, Abusive Tax Shelters
- AICPA Task Force Issues Report Containing 14 Recommendations
- TurboTax E-File Scam May Land Wisconsin Woman in Jail
- SEC Seeks Ways to Work in Harmony With State Authorities
- NYSE's Grasso Yields to Public Outcry and Resigns
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This week the Internal Revenue Service and state tax officials announced the creation of a new nationwide partnership to combat abusive tax avoidance. Under agreements with individual states, the IRS will share information on abusive tax avoidance transactions and those taxpayers who participate in them.
On Wednesday, the House of Representatives passed the Internet Tax Non-Discrimination Act, the bill that imposes a permanent ban on taxes on Internet services.
In its top-to-bottom review of all aspects of the auditing business, the Public Company Accounting Oversight Board (PCAOB) has turned its attention to tax shelters.
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Schedule D, Capital Gains and Losses, the tax form used to report sales of assets held as investments, is in for a facelift. Changes to the form for the Spring 2003 tax filing season will incorporate new tax rules that provide a lower tax rate on capital gain income for sales occurring after May 5, 2003.
REMINDER: IRS Retirement Plan Deadline
The IRS is reminding small and mid-size businesses using "off-the-shelf" retirement plan documents to update their plans by September 30, 2003. Businesses must formally adopt updates to maintain the tax benefits associated with retirement plans. Read the entire article.
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Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.