Executive's Tax & Management Report articles from August 2006

Executive's Tax & Management Report archives from August 2006

Taking advantage of GO Zone depreciation.
August 1, 2006... Following the devastation caused by Hurricane Katrina, Congress passed the Gulf Opportunity Zone Act of 2005 ("the Act") [P.L. 109-135]. The intent of the Act was to encourage the redevelopment of the devastated area by providing tax incentives...

Tips to claim hurricane-related casualty losses.(DEALING WITH THE IRS)
August 1, 2006... It's been nearly one year since the start of last year's onslaught of Gulf Coast hurricanes, and many area residents are still picking up the pieces. The IRS recently issued guidance aimed at making it easier for victims of Hurricanes...

State tax amnesties: are they for you?.(TAX STRATEGIES)
August 1, 2006... State tax amnesty programs began in 1982 when Arizona offered penalty and interest relief to any taxpayer that came forward during the two-month amnesty period and voluntarily filed one or more overdue tax returns. State tax amnesties are...

Forged documents lead to civil fraud penalty.(PERSONAL TAXES)
August 1, 2006... Lack of substantiation is often cited as a reason for the IRS knocking out taxpayers' claimed deductions. One taxpayer wasn't about to let that happen in his case, so he provided documentation that he said substantiated his claimed expenses....

House oks Permanent Estate Tax Relief--again.(TAX LAWS IN THE MAKING)
August 1, 2006... The U.S. House of Representatives recently approved H.R. 5638, the Permanent Estate Tax Relief Act of 2006, but that doesn't necessarily mean the bill will become law. Similar legislation has previously been approved in the House--but not in...

Compliance advice offered to small biz.(TAX PROCEDURES)
August 1, 2006... As you read in the April 2006 issue of EXECUTIVE S TAX & MANAGEMENT REPORT, the IRS estimates that there was a gross difference of $345 billion between what taxpayers should have paid for Tax Year 2001 and what they actually did pay on a timely...

Was executive's compensation reasonable?(COMPENSATION & BENEFITS)
August 1, 2006... Businesses are entitled to deduct compensation costs as ordinary and necessary business expenses, but the compensation must be reasonable in order to be allowable. NEW CASE The IRS said E.J. Harrison & Sons, Inc., could deduct only a...

How well do you manage intellectual property?(Executive's Briefcase)
August 1, 2006... CEOS in 68 percent of the fastest-growing private companies in the United States have patents, trademarks, copyrights and trade secrets. Yet only 31 percent with such intellectual property assets have formal procedures in place to identify and...

Additional hybrids certified for tax credit.(Executive's Briefcase)(Brief article)
August 1, 2006... The IRS has certified three more hybrid vehicles as being eligible for the Alternative Motor Vehicle Credit created by the Energy Policy Act of 2005. The energy tax credit applies to hybrid vehicles purchased on or after January 1, 2006....

NAM's legal database available online.(Executive's Briefcase)(National Association of Manufacturers )(Brief article)
August 1, 2006... If you're looking for a quick and easy way to research legal issues affecting your business, then you might want to check out www.beagle.nam.org. This site, offered by the National Association of Manufacturers (NAM), features a new...

Survey identifies benefits trends.(Executive's Briefcase)(Brief article)
August 1, 2006... Did the healthcare benefits offered by your company change significantly this year? If your company is like most in a recent survey, the answer is "no." According to the Society for Human Resource Management's 2006 Benefits Survey...

What do your employees need to succeed?(Executive's Briefcase)
August 1, 2006... In an environment where costs and customer expectations are being proactively managed, business leaders feel strongly that certain employee characteristics and behaviors are necessary for success, according to the Grant Thornton LLP Survey of...

Court allows bad debt deduction.(FAMILY TAX ANGLES)
August 1, 2006... When reviewing a loan made between family members, the IRS and Tax Court considered whether a genuine debtor/creditor relationship existed. NEW CASE A couple loaned their son $55,000 to purchase a local pet store and gave him a $42,000...