CPA Client Bulletin articles from October 1999

CPA Client Bulletin archives from October 1999

Estate Planning: What Is a Grantor Trust?
October 1, 1999... A grantor trust is generally used when planning a person's will and distribution of an estate. A grantor trust is a specific type of trust that allows the person who creates the trust (grantor) to control the assets in the trust and recognize...

2009 unless Congress.
October 1, 1999... More individuals have been hit by the alternative minimum tax. In 1997, 590,649 individual returns were affected, versus only 132,103 in 1990. More than nine million are expected to be affected by 2009 unless Congress makes major changes, warns...

IRS.
October 1, 1999... The IRS reports that 757,911 individual income tax returns reported moving expenses for 1997. This is a decrease of 5.4% from 1996. Total moving expense deductions, however, rose 12.5% to $1.8 billion.

"the old-fashioned way".
October 1, 1999... Most people are still filing their tax returns "the old-fashioned way," by paper. As of July 9, 1999, about 29.2 million returns were filed electronically. Although this is an increase of 21% from last year, it is still less than 25% of all...

Total state-tax revenues.
October 1, 1999... Total state-tax revenues continue to grow. Revenues grew 4.8% more in the first quarter this year than the same time period last year. However, this was a decrease of 7.5% from the final quarter of 1998.

Personal income tax revenues.
October 1, 1999... Personal income tax revenues grew at a slower pace due mainly to tax cuts, but sales tax revenues increased by 6.1%. Corporate income taxes fell 2.6%.

strong growth.
October 1, 1999... Many states are continuing to see strong growth, but seven states reported double-digit revenue growth in the second quarter of this year. Colorado, Illinois, Maine, Nevada, North Carolina, South Carolina, and Virginia.

CORRECTION.
October 1, 1999... In the June issue of the CPA Client Bulletin, on page 2, an example discussed the maximum contribution that can he made by a self-employed person to a SEP IRA. The example incorrectly stated the amount was $20,870 ($160,000 x 13.04348%). The...

Direct Transfer of Some Annuity Funds into Another Annuity Is Nontaxable.
October 1, 1999... In 1994, a taxpayer purchased an annuity contract for $195,643 from insurance company A. Payments under the contract would begin February 4, 2029. Later that year, the taxpayer asked company A to withdraw $119,000 from the annuity contract and...

Y2K: Last-Minute To-Do List.
October 1, 1999... Still wondering whether you should listen to all the dire warnings about Y2K or just bury your head in the sand? Chances are, Y2K will affect you and your family in some manner, so it is best to take some precautions. Here are some steps to...

THE LIGHTER SIDE... WHAT NOT TO DO DURING AN INTERVIEW.
October 1, 1999... Recently Office Team, a staffing service for office and administrative professionals, asked managers nationwide to describe the most unusual college graduate job interview antics they had ever witnessed or heard from clients and colleagues....

Taxpayers Should Seek Disclosure from IRS under Section 6103, Not Privacy Act.
October 1, 1999... Recently, a Tax Court case consolidated 138 complaints against the IRS. The cases all alleged the IRS failed to comply with the individuals' written requests under the Privacy Act requiring disclosure of information explaining adverse...

Do You Know...
October 1, 1999... The biggest earthquake in the United States was not in California but in New Madrid, Missouri, in 1811. It created such a disturbance that it caused the current of the Mississippi River to run in another direction.