CPA Client Bulletin articles from July 2002

CPA Client Bulletin archives from July 2002

Beware of identity scams!(Brief Article)
July 1, 2002... There is a fraudulent scheme going around that uses fictitious bank correspondence and IRS forms to mislead taxpayers into disclosing their personal and banking data. The information is then used to steal the taxpayer's identity and bank...

Clarification.(Brief Article)
July 1, 2002... In our April 2002 issue, we discussed the tax benefits of long-term care insurance. For individuals, the deductible portion of long-term care premiums increases with age and is also scheduled to increase each year based on an inflation index....

August 15 deadline.(Brief Article)
July 1, 2002... The time is now for those taxpayers who received four-month extensions to file their returns. The deadline for these returns is August 15, 2002. If a taxpayer needs more time to get return information together, he or she can request an...

Hey, teach'--new deduction available.(Brief Article)
July 1, 2002... Teachers and other educators of kindergarten through grade 12 get a new tax break for 2002 and 2003 that should ease the pain of many out-of-pocket classroom expenses. The new economic stimulus package allows education professionals to deduct...

Paperwork reduction for small businesses.(Brief Article)
July 1, 2002... Most small businesses currently required to file Federal corporate income tax returns will now have it a little easier. The IRS announced that, starting with the 2002 tax year, companies with less than $250,000 of gross receipts and less than...

Unemployed? benefits extended.(Brief Article)
July 1, 2002... The Job Creation and Worker Assistance Act of 2002 provided up to 13 weeks of additional unemployment benefits to individuals in states suffering "severe economic distress." The benefits are available to individuals who filed their initial...

The AMT: what the fuss is all about.(Brief Article)
July 1, 2002... Over the years, the Internal Revenue Code has been used to promote various social and economic goals by giving certain types of income and expenses preferential treatment. For example, to encourage home ownership, individuals are allowed a...

Reducing the cost of losing weight.(Brief Article)
July 1, 2002... The IRS issued a ruling explaining when expenses for certain weight-loss programs may qualify as a medical deduction. The cost of diet foods, however, is not deductible. The ruling gives examples of two taxpayers participating in weight-loss...

Tax calendar.(Brief Article)
July 1, 2002... JULY July 10 Employees who work for tips. If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. July 15 Partnerships. File a 2001 calendar-year return (Form 1065). This due date...