CPA Client Bulletin articles from June 2002

CPA Client Bulletin archives from June 2002

A new bonus: additional depreciation.(Job Creation and Worker Assistance Act of 2002 )(Brief Article)(Statistical Data Included)
June 1, 2002... The Job Creation and Worker Assistance Act of 2002 provides for a "bonus" 30% first-year depreciation as one of its major tax relief provisions. This tax break will affect most U.S. businesses, depending on both how asset intensive their...

Ways to spend a tax refund.(Brief Article)(Editorial)
June 1, 2002... If you've gotten an income tax refund, here are some suggestions for spending it wisely: * Pay down personal credit card debt. * If eligible, open an IRA or Roth IRA, or fund a Coverdell Education Savings Account for a loved one. ...

Frequent-flyer miles no longer a taxing issue.(Brief Article)
June 1, 2002... Until recently, employees who traveled on business were unsure whether the frequent-flyer miles they received for business trips, but used for personal purposes, were taxable. The IRS has finally settled this burning question in the taxpayer's...

New life for NOLs.(net operating loss taxation regulations)(Brief Article)
June 1, 2002... Your business may have an asset that could be even more valuable after the new tax law--its net operating loss (NOL). An NOL can be carried back as a deduction from your business income from prior years and create a tax refund. In today's...

Executing a power of attorney.(Brief Article)
June 1, 2002... You may have seen or heard the phrases "durable" and "nondurable" power of attorney. A "nondurable" power of attorney is a short legal form obtainable from office supply stores. This type of power of attorney is used to grant authority to...

No more basis increase for S corporation debt cancellation income.(Job Creation and Worker Assistance Act of 2002 )(Brief Article)
June 1, 2002... One of the changes made by the Job Creation and Worker Assistance Act of 2002 directly affects S corporation shareholders. The new law removed a valuable benefit to operating as an S corporation addressed in 2001 when the Supreme Court ruled...

Unemployed? benefits extended.(Job Creation and Worker Assistance Act of 2002)(Brief Article)
June 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...

Tax calendar.
June 1, 2002... JUNE June 10 Employees who work for tips. If you received $20 or mare in tips during May, report them to your employer. You can use Form 4070. June 17 Individuals. If you are a U.S. citizen or resident alien living and...