Results for "Tax Planning"

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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...

April tax receipts exceed expectations, create surplus

May 23, 2005

April tax receipts reportedly exceeded earlier predictions by the Department of the Treasury. Taxpayers were confronted with unexpected tax bills, many resulting from capital gains and the alternative minimum tax, a parallel income tax system...

Employers are mostly off the hook as tax cops

May 16, 2005

Under new regulations, employers are no longer required to send copies of potentially questionable W-4 withholding forms to the Internal Revenue Service. At the same time, the IRS will step up its withholding compliance program by making more...

IRS offers amnesty on S corporation charitable scam

May 9, 2005

Once again, the Internal Revenue Service is offering amnesty to investors in tax strategies that may violate the law. The IRS is offering settlement terms to some S corporations that invested in charitable-contribution strategies, but the terms...

Wealthy taxpayers' group works for fairer taxes

April 18, 2005

A group of wealthy taxpayers is calling for a tax revolt - not against higher taxes but against the tax cuts of recent years. Responsible Wealth, which is affiliated with United for a Fair Economy, a non-profit organization in Boston, claims...

Inmates admit to filing 49 fraudulent tax returns

April 11, 2005

Two Louisiana men reportedly sought tax refunds of more than $266,000, using 49 fraudulent federal income tax returns. Those returns were prepared while the men were in prison. Instead of refunds, the two will get a few more years behind bars....

Bush administration favors consumption-based tax

April 4, 2005

While trying not to compromise the tax reform panel's deliberations, White House economic adviser Kristin J. Forbes disclosed the Bush administration's interest in moving to a more consumption-based tax system. Speaking at an economic policy...

Disaster grants may get tax break

March 28, 2005

Recipients of some federal disaster relief funds are a step closer to not having to pay taxes on the grants, following recent congressional action. Legislation (HR 1134) intended to end the taxation of so-called disaster mitigation grants from...

U.S. Tax Court reports must be made public

March 21, 2005

In a 7-to-2 decision, the U.S. Supreme Court has eliminated the secrecy that Americans who take tax disputes to the U.S. Tax Court faced. The court ruled that factual recommendations in the proceedings must be disclosed. While the official opinions...

Advisory panel debates reforming 'tax code nightmare'

March 14, 2005

When the President's Advisory Panel on Federal Tax Reform met for the first time recently, several top economists debated the merits of a tax system based on consumption or based on income. Afterward, its vice chairman, former Sen. John B. Breaux,...

IRS lists SILO leasing transactions as abusive

March 7, 2005

The Department of the Treasury and the Internal Revenue Service have issued guidance designating sale-in/lease-out arrangements as abusive tax-avoidance transactions. This is not good news for investors in the controversial leasing arrangements,...

GAO: Social Security woes warrant early action

February 28, 2005

Congress' fiscal watchdog, the Government Accountability Office, reported recently that long-term challenges to the Social Security system warrant early action. According to the GAO, "absent reform, the nation will ultimately have to choose...

Bush's tax reform panel will address AMT

February 14, 2005

According to White House insiders, the 2006 budget won't include fixes for the alternative minimum tax or "other important tax policy issues" in the scope of tax reform. Instead, the administration will look to President Bush's tax reform panel...

Some same-sex couples face income tax quandary

February 7, 2005

When a landmark court ruling last year made Massachusetts the first state to sanction same-sex marriages, gay men and lesbians may have failed to realize that the federal government would not recognize their unions. Massachusetts same-sex couples...

Commission picked, but tax reform methods unclear

January 31, 2005

Upon naming appointees to his long-awaited tax reform commission, President Bush called streamlining and reforming the U.S. tax code an "essential task for our country." However, he offered few hints on how he intends to accomplish that task....

High Court to rule on Tax Court secrecy issue

January 17, 2005

The U.S. Supreme Court has agreed to decide whether the U.S. Tax Court should continue its policy of withholding certain information from taxpayers, which makes it hard for them to challenge decisions. While the official opinions of the Tax...

S corporation ESOPs warned to mind Ps and Qs

January 10, 2005

The Internal Revenue Service has mailed letters to about 1,700 businesses and retirement plan sponsors, alerting them to new income and excise taxes that now apply to S corporation employee stock ownership plans, warning of the consequences...

Bid to expand tax return 'snooping' voted down

December 13, 2004

Congress has voted unanimously to kill a provision that would have made it easier for lawmakers and aides to look at people's income tax returns. The provision would have allowed leaders of the House and Senate Appropriations committees to sign...

Experts favor tax cuts over flat rate or sales levy

December 6, 2004

Speaking before the Washington-based Tax Foundation's recent annual conference, Deputy Treasury Secretary Samuel Bodman lobbied for a shake-up of the unpopular U.S. tax system. "The current tax system imposes large costs on our economy by causing...

Permanence a main theme as Congress maps its agenda

November 29, 2004

With Congress scheduled to wrap up work for the year, its main task will be to approve nine spending bills for the current budget year. Senate Majority Leader Bill Frist, R-Tenn., recently said that President Bush's plans to overhaul tax laws...

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