Results for "Tax Planning"

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Tax Watch: Bush package could make tax code more taxing

May 7, 2001

Will President Bush's tax package complicate or simplify the Internal Revenue Code? "The current environment in Washington can be described, at best, as confusing, with lots of tax bills and lots of tax ideas coming from both sides of the aisles,"...

Tax Watch: IRS gets poor marks from oversight board

April 30, 2001

The Internal Revenue Service Oversight Board has issued a scathing review of the agency's performance. The same report also criticizes President Bush's 2002 IRS budget. "The IRS is not meeting any of the goals and objectives demanded by Congress...

Tax Watch: Be glad your call to IRS wasn't answered

April 16, 2001

A recent Department of the Treasury study found that taxpayers have less than a 40% chance of speaking with an Internal Revenue Service official when they call. Those who manage to get through receive wrong answers to their questions nearly...

Tax Watch: IRS makes it easier to file for an extension

April 9, 2001

The Internal Revenue Service recently announced that taxpayers who need more time to complete their forms will find it easy to extend their filing deadline. They don't need an excuse or even a stamp, according to a recent IRS news release. Automatic...

Tax Watch: H&R Block nailed for calling its loans refunds

April 2, 2001

A federal court has ruled that H&R Block's advertising of certain loan products violated the law governing trademarks last year, when it offered a "no-additional-charge refund anticipation loan," or Nacral. The Federal Trade-Mark Act of 1946,...

Tax Watch: Committee head calls IRS audit report 'distorted'

March 26, 2001

Charles E. Grassley, the Iowa Republican who heads the Senate Finance Committee, wants the "whole story" from the Internal Revenue Service. Mr. Grassley has sent IRS Commissioner Charles O. Rossotti a letter expressing concern about the agency's...

Tax Watch: How much tax goes unpaid? Don't ask the IRS

March 19, 2001

The government is reportedly losing billions of dollars in unpaid income taxes each year. According to a growing chorus of tax experts, the government's tax collector, the Internal Revenue Service, doesn't really know how much, and it can't...

Tax Watch: IRS tailors site to small business, self-employed

March 5, 2001

In its first visible outreach to small-business taxpayers, the Internal Revenue Service has unveiled a website tailored to the nation's 45 million small-business and self-employed taxpayers. It represents the first stage in the agency's revamping...

Tax Watch: New IRS warning on the latest tax scams

February 26, 2001

The Internal Revenue Service has issued a nationwide alert to taxpayers - and practitioners - warning them not to fall victim to tax scams. The schemes take several shapes, ranging from promises of special refunds to illegal ways taxpayers can...

Tax Watch: House quizzes IRS on ID-matching for returns

February 19, 2001

Dan Burton, the Indiana Republican who heads the House Government Reform Committee, has written to Internal Revenue Service Commissioner Charles O. Rossotti asking about the agency's policy for verifying Social Security names and numbers on...

Tax Watch: IRS' e-filing system suffers from PIN drop

February 12, 2001

According to the Internal Revenue Service, paperless tax filing is a reality. Now, if they could only get it to work. Many taxpayers are reportedly encountering problems with the new paper-free e-filing system. About 90% of those individuals...

Tax Watch: IRS taking showbiz approach to education

February 5, 2001

The Internal Revenue Service has caused a lot of taxpayers to tear their hair out, so it's fitting that its new monthly forum was designed by the same company that won praise last spring with its launch of a hair-coloring product. The target...

Tax Watch: IRS introduces timesaver for routine problems

January 29, 2001

A new Internal Revenue Service initiative will allow taxpayers to check a box on their individual tax return to authorize a paid preparer to represent them in resolving problems processing returns. The initiative will be a significant timesaver...

Tax Watch: Futures on single stocks get the go-ahead

January 22, 2001

Futures contracts on single stocks have become legal under one of the provisions of the omnibus appropriations bill that President Clinton signed into law just before Christmas. The provision modifies the Commodities Exchange Act to address...

Tax Watch: Tax-exempt bonds are getting a closer look

January 15, 2001

The Internal Revenue Service's exempt-bond unit is working to bolster its audit and outreach activities, according to Mark Scott, director of tax-exempt bonds. Speaking at the National Association of College and University Business Officers'...

Tax Watch: New IRS program seeks to head off disputes

January 8, 2001

The Internal Revenue Service has announced an Industry Issue Resolution Pilot Program. Its objective, according to IRS Notice 2000-65, is to resolve frequently disputed tax issues that are common to a significant number of large or midsize businesses....

TAX WATCH: Buying into funds? Check those distributions

October 16, 2000

Tax law requires capital gains distributions when a fund sells a stock at a gain. If the fund doesn't have offsetting losses, investors are required to report their share of that gain on their individual tax return. The problem arises for those...

TAX WATCH: Three choices for treating commissions

October 9, 2000

Effective Oct. 2, Revenue Procedure 2000-38 provides guidance on three accounting methods that mutual fund distributors may use to account for commissions paid on the sales of mutual fund B shares. Under all three methods, the distributor capitalizes...

TAX WATCH: Annuity owners can offset now, pay later

October 2, 2000

The Internal Revenue Service recently ruled that the owners of single-premium annuity contracts could offset their annuity income with a portion of the basis but that they must recognize any payments of excess interest as income when received....

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