Results for "Tax Planning"

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GAO report questions credit unions' exemption

November 21, 2005

The Government Accountability Office has taken a look at the tax-exempt status of credit unions, providing fodder for those who believe that such financial institutions should be taxed. The rationale for continuing the tax exemption for credit...

Coming soon: More Circular 230 amendments

November 14, 2005

The Internal Revenue Service reportedly is hoping to propose a new round of amendments to Circular 230 that would address covered opinions standards, contingent fees and disclosure rules. According to Stephen Whitlock, deputy director of the...

IRS renews its agreement with Free File Alliance

November 7, 2005

The Internal Revenue Service and the Free File Alliance recently announced an agreement to renew their partnership, extending free tax services and electronic filing to an eligible 93 million taxpayers. Under that agreement, individuals with...

Tax reform panel outlines final recommendations

October 31, 2005

Although the President's Advisory Panel on Federal Tax Reform has yet to put its recommendations on paper, its endorsements already are coming under fire from lawmakers and other critics. Some say the panel hasn't gone far enough. Not surprisingly,...

PBGC says legislation could worsen its financial woes

October 17, 2005

The Pension Benefit Guaranty Corp., the federal agency that insures private pension plans, has concluded that its financial problems could get worse under House and Senate bills intended to strengthen the traditional pension system. But the...

GAO finds popular tax breaks are a hazard to budget

October 3, 2005

The Government Accountability Office recently said that popular tax breaks built into U.S. laws are growing and threaten to worsen an already dire long-term-budget situation. The office reportedly was hoping to influence the deliberations of...

Republicans are still seeking to trim benefits

September 26, 2005

Republicans reportedly are going ahead with long-standing plans to trim benefits from Medicaid, food stamps and other areas even though party members are balking at cutting programs that aid the poor while hundreds of thousands are homeless...

Underpaying your taxes will soon cost a bit more

September 19, 2005

Interest on overpayments and underpayments of taxes has increased for the fourth quarter of 2005, generally by 1 percentage point. The new rates are: • 7% for overpayments (6% in the case of a corporation). • 7% for underpayments. • 9%...

IRS extends tax deadline in hurricane-affected areas

September 12, 2005

The Internal Revenue Service has extended tax deadlines for individuals and businesses in many of the areas hard hit by Hurricane Katrina. The extension gives taxpayers until Oct. 31 to file tax returns and submit tax payments. The extension...

IRS explains rules on SEC disclosure of penalties

September 5, 2005

The Internal Revenue Service has issued guidelines for disclosing the payment of certain tax shelter disclosure penalties on filings with the Securities and Exchange Commission. The guidance is effective for any such penalty that relates to...

IRS plans random audits of 5,000 S corporations

August 29, 2005

The Internal Revenue Service recently announced the beginning of a study of compliance by S corporations. The IRS says that it plans to audit 5,000 businesses to measure tax evasion and to refine its estimate of annual evaded taxes. The examinations...

U.S. to seek indictments in KPMG tax shelter case

August 22, 2005

After a lengthy grand jury investigation of KPMG LLP's tax shelter practice, the U.S. attorney's office in Manhattan reportedly has informed 20 former partners of the New York-based accounting firm that federal prosecutors have been authorized...

Court limits advisory-fee deductions

August 8, 2005

The U.S. Tax Court recently ruled that investment advisory fees paid by a trust are not unique to the administration of an estate or trust, as required for a full deduction. Therefore, the court ruled that they are subject to the 2% floor on...

Court says dealer held classic cars for sale, not investment

July 25, 2005

Items held in a business inventory, that is, items bought and sold in the normal course of business, generate ordinary income or ordinary losses. Property held for investment, on the other hand, produces capital gains or losses. The Tax Court...

More wealthy Americans aren't paying taxes

July 18, 2005

The Internal Revenue Service's annual report to Congress showed that more than 5,500 affluent individuals and married couples paid no federal income taxes in 2002. The number of affluent people paying no federal taxes jumped more than 15% in...

Amid security concerns, IRS rehires credit firm

July 11, 2005

At the same time that the Internal Revenue Service is reportedly probing possible data security breaches, the agency has renewed its contract with a controversial credit-reporting firm. An investigation into possible security breaches was launched...

Sole proprietors face bigger employment tax bite

June 20, 2005

The Treasury inspector general for tax administration recently revealed that inequities exist between the employment tax liabilities of sole proprietors and those of single-owner S corporations. The results of a recent audit indicate that the...

In name of efficiency, IRS to close help centers

June 13, 2005

The Internal Revenue Service has announced plans to close a number of its taxpayer assistance centers as part of its efforts to be more efficient, modernize operations and reduce costs. The move might also be intended to coax more tax preparers...

IRS, Treasury revise standards for tax professionals

June 6, 2005

The Internal Revenue Service and the Department of the Treasury have issued revisions to the department's Circular 230 standards for written tax advice that were announced late last year. The final rules, which govern standards of practice before...

Chicago's mayor seeks IRS' help to go after gangs

May 30, 2005

Richard M. Daley, the mayor of Chicago, has sought the help of the Internal Revenue Service in cracking down on gang networks that have been labeled "the new organized crime" by law enforcement officials. Gang structures and communications within...

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