Executive's Tax & Management Report articles from April 2006

Executive's Tax & Management Report archives from April 2006

Hurricane tax relief includes employee-related credits.
April 1, 2006... Both the Gulf Opportunity Zone Act of 2005 and the Katrina Emergency Tax Relief Act of 2005, which were passed by Congress and signed into law by President Bush last year, contain significant economic incentives to rebuild areas devastated by...

Charitable gifts of S corporation debt.(CHARITABLE DEDUCTIONS)
April 1, 2006... A taxpayer is allowed to deduct the fair market value (FMV) of property donated to a qualified charitable organization if the sale of that property would give rise to a long-term capital gain to the taxpayer. If the sale would produce ordinary...

Guidance issued on home energy credits.(TAX LEGISLATION)
April 1, 2006... The Energy Policy Act of 2005 (P.L. 109-58) provides a tax credit for homeowners who improve the energy efficiency of their existing homes in 2006 or 2007, and a credit for home builders who construct a qualified energy-efficient home during...

Tips to minimize taxes on decedent's retirement plan.(FAMILY TAX PLANNING)
April 1, 2006... Retirement, plans can be an executive's largest single asset, but such plans can be very complicated, according to Warren K. Racusin, a partner who specializes in trusts and estates with McElroy, Deutsch, Mulvaney and Carpenter, LLP, located in...

Tax gap statistics released.(DEALING WITH THE IRS)
April 1, 2006... The IRS estimates that there was an overall gross tax gap of $345 billion for Tax Year 2001, the most recent year for which statistics are available. The tax gap is the difference between what taxpayers should have paid for that year and what...

The evolving role of small, mid-sized manufacturers.(MANAGING YOUR BUSINESS)
April 1, 2006... Small and mid-sized manufacturers (SMMs) are playing an increasingly important role in the U.S. industrial economy, but they are also facing unprecedented challenges, according to a report released by the National Association of Manufacturers...

Poor recordkeeping proves costly after audits.(DEALING WITH THE IRS)
April 1, 2006... Keeping accurate records is a good business practice for any business owner. But it's particularly good advice for an owner who is already under an IRS microscope for poor recordkeeping. NEW CASE * Nick Kikalos and Helen Kikalos were no...

Execs report information quality problems.(MANAGEMENT STRATEGIES)
April 1, 2006... Less than half of executives in a recent global survey say they have ready access to high-quality, reliable, useful information on operating and financial performance, according to Deloitte & Touche USA LLP (www.deloitte.com). In addition,...

Certain taxpayers get an extra day to file.(Executive's Briefcase)
April 1, 2006... April 17 is the deadline for most taxpayers to file their returns with the IRS, since April 15 is a Saturday this year. However, taxpayers who live in six states and the District of Columbia will have an extra day to file returns and pay any...

Better late than ever.(Executive's Briefcase)(Brief article)
April 1, 2006... If you didn't file a 2002 tax return, it's still not too late. However, taxpayers must file their 2002 returns by April 17, 2006, in order to claim a refund. The IRS estimates that about 1.7 million people who failed to file a federal...

Written acknowledgment needed for donated cars.(Executive's Briefcase)
April 1, 2006... If you donate a car to a charity, you need to obtain a written acknowledgment of the donation from the charity, if you intend to claim a deduction for the donation, according to the IRS. For deductions of $500 or more, the written...

Schedule K-1 for trusts has new look.(Executive's Briefcase)(Brief article)
April 1, 2006... The IRS recently revised Form 1041 Schedule K-1, which is used to report income, deductions and credits from trusts and estates to beneficiaries. The redesigned schedule resembles the partnership and S-corporation Schedules K-1, which were...

New trend in retirement.(Executive's Briefcase)
April 1, 2006... While many workers set their sights on retiring at age 65, that's not the case for the majority of small business owners. According to a recent survey by Wells Fargo/ Gallup Small Business Index (www. wellsfargo.com), 80 percent of small...

Most managers communicate via e-mail.(Executive's Briefcase)(Brief article)
April 1, 2006... Do you spend most of your workday on the phone or in face-to-face meetings rather than communicating via e-mail? If so, you are among an ever-decreasing minority of executives, according to a recent study by OfficeTeam (www.officeteam.com). ...

HIPAA security deadline approaching.(TECHNOLOGY)(Health Insurance Portability and Accountability Act of 1996)
April 1, 2006... Certain businesses are up against an April 20 deadline to comply with the Security Standard of the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The deadlines for complying with HIPAA's Privacy Standard passed at...