Executive's Tax & Management Report articles from December 2003

Executive's Tax & Management Report archives from December 2003

Social Security: what's in store for 2004?
December 1, 2003... Whether you want to retire early, work until "full" retirement age, or continue working indefinitely, your decision will affect the amount of Social Security benefits you receive. CLIMBING RETIREMENT AGE If you will turn 65 in 2004, you...

Sole proprietorship profits are on the rise.(Brief Article)
December 1, 2003... Nonfarm sole proprietorship profits increased 1.2 percent to $217.4 billion in Tax Year 2001, according to the Summer 2003 issue of the Statistics of Income Bulletin, which was released this fall. The largest percentage increase in profits for...

Pros and cons of incorporating a business.(Management Strategies)
December 1, 2003... There are advantages to operating a business in a form that limits liability of the owners to their investment. Most states now have limited liability company (LLC) and limited liability partnership (LLP) structures that offer liability...

New ideas for family corporation stock redemptions.(Closely Held Corporations)
December 1, 2003... The tax result of a stock sale is generally clear: the seller has a capital gain or loss measured by the difference between the amount received and the basis of the stock sold. The result is less clear in the case of a stock redemption (i.e.,...

Home sale rules may help you save on 2003 taxes.(Family Tax Angles)
December 1, 2003... Whether you sold a personal residence in 2003 or are contemplating a sale in 2004, the new Internal Revenue Service (IRS) rules on home sales may affect you. As part of your year-end tax planning and in preparation for filing your 2003...

IRS knocks out deduction for abandonment loss.(Business Deductions)(Internal Revenue Service)
December 1, 2003... A company claimed an abandonment loss for various equipment it scrapped at an out-of-state operation, but the IRS disallowed the deduction and said the company owed $74,543 in income tax for its fiscal year ended May 31, 1997. The IRS also...

Employment agreements--tax and financial planning considerations.(Tax Strategies)
December 1, 2003... If you are considering new employment opportunities, understanding your goals and what may be available to you in any proposed employment relationship is critical to a successful outcome. Negotiations involved in creating an employment...

Proposed lease-stripping regulations and "extraordinary transaction rule" withdrawn.(Regulatory Update)(Brief Article)
December 1, 2003... The Treasury and the IRS recently withdrew proposed regulations issued in 1996, relating to the treatment of "obligation-shifting" transactions, including lease-stripping transactions. The regulations provided complex rules for ensuring that...

New reporting requirements announced for capital gains.(Executive's Briefcase)(Brief Article)
December 1, 2003... As a result of changes to the capital gains tax rates, certain reporting requirements have changed for entities with 2002-2003 fiscal years ending after May 5, 2003 [Ann. 2003-56]: 1. Undistributed long-term capital gains. Regulated...

Consumer alert issued on credit counseling organizations.(Executive's Briefcase)(Brief Article)
December 1, 2003... If a member of your family plans to seek assistance from a tax-exempt credit counseling organization, be aware that the IRS, Federal Trade Commission, and state regulators have issued a consumer alert regarding such organizations. ...