Executive's Tax & Management Report articles from February 2007

Executive's Tax & Management Report archives from February 2007

New law includes tax relief provisions.(Tax Relief and Health Care Act of 2006)(Law overview)
February 1, 2007... The bipartisan Tax Relief and Health Care Act of 2006 [P.L. 109-432], which was signed by President Bush on December 20, 2006, extends tax relief for certain taxpayers and addresses key health and trade provisions that impact families, Medicare...

Partnership taxpayers can use modernized e-file.(electronically filing Form 1065)(Internal Revenue Service)(Brief article)
February 1, 2007... For tax year 2006, partnership taxpayers have the option of electronically filing Form 1065, U.S. Return of Partnership Income, through the existing 1065 e-File system or through the IRS's new Modernized e-File platform. However, starting next...

Tax extenders law impacts 2006 returns.(Tax Relief and Health Care Act of 2006)
February 1, 2007... The late December enactment of legislation that extended and modified tax provisions prompted some last-minute scrambling to accommodate the changes that impact the filing of 2006 federal income tax returns. The legislation (see related...

Tips to select a qualified tax preparer.(TAX RETURNS)(National Association of Tax Professionals )
February 1, 2007... Thinking of preparing your own taxes this year? If so, set aside plenty of time. Citing government statistics, the National Association of Tax Professionals (NATP) says that do-it-yourselfers spend an average of 33 hours preparing an itemized...

Resources available to do-it-yourselfers.(Internal Revenue Service)(tax returns)(Brief article)
February 1, 2007... If you plan to prepare your own tax return, then you might want to check out numerous IRS resources available online. Among many other things, the IRS offers the following: * Tax tips * Fact sheets * Information on tax law changes...

Unscrambling preparers' professional designations.(National Association of Enrolled Agents )(Brief article)
February 1, 2007... When selecting a tax preparer, it's important to understand the differences among the various professional designations. For example, although many individuals may be perfectly capable of correctly completing your tax return, only professionals...

Benefits of new split-refund option touted.(TAX RETURNS)
February 1, 2007... If you're one of the millions of taxpayers who will receive a federal income tax refund this year, you now have the option of receiving your refund via direct deposit into up to three accounts at three different financial institutions (e.g.,...

Direct deposit facts.(electronic filing of tax returns)(Brief article)
February 1, 2007... Direct deposit is the fastest way for taxpayers to access their tax refund--whether they file their tax return electronically or on paper, according to the IRS. The quickest way is to e-file the return and opt for direct deposit of the refund....

Prepare for IRS scrutiny of intercompany transactions.(TAX STRATEGIES)(Internal Revenue Service)
February 1, 2007... The IRS and state tax authorities have recently intensified their examination of transfer pricing for transactions between related taxpayers. This stems from the IRS and tax authorities' concern that related taxpayers, including those companies...

Advocate most concerned about AMT, tax gap.(DEALING WITH THE IRS)(alternative minimum tax for individuals)(Nina E. Olson)
February 1, 2007... Repealing provisions pertaining the alternative minimum tax for individuals (AMT) and the IRS's private debt collection program are among the recommendations that National Taxpayer Advocate Nina E. Olson made to Congress in her 2006 Annual...

Most serious problems identified by National Taxpayer Advocate.(Nina E. Olson)(Brief article)
February 1, 2007... Following is the complete list of the 21 most serious problems facing taxpayers, as identified by National Taxpayer Advocate Nina E. Olson in her 2006 Annual Report to Congress: 1. Alternative minimum tax for individuals 2. The tax gap...

Legislative recommendations listed.(Brief article)
February 1, 2007... In her 2006 Annual Report to Congress, National Taxpayer Advocate Nina E. Olson identified the following 10 Key Legislative Recommendations. 1. Revise Congressional budget procedures to improve IRS funding decisions. 2. Repeal private...

Latest income statistics released.(Executive's Briefcase)
February 1, 2007... All business filings by corporations, partnerships and nonfarm sole proprietorships grew to 27.5 million for tax year 2003--the most recent year for which statistics are available. In the Fall 2006 Statistics of Income Bulletin, the IRS reports...

Manufacturers invited to join "Blog Roundup".(National Association of Manufacturers )(ShopFloor. org)(Brief article)
February 1, 2007... The National Association of Manufacturers (NAM) is inviting companies that have blogs to be part of its new "Business Blog Roundup." The NAM touts its ShopFloor. org as "one of the top business blogs in the country discussing important...

2007 hybrid vehicle certified for credit.(2007 Nissan Altima Hybrid vehicle of Nissan North America Inc.)(Brief article)
February 1, 2007... Purchasers of the 2007 Nissan Altima Hybrid vehicle are eligible for a $2,350 Alternative Motor Vehicle Credit, since the vehicle was recently certified as a qualified hybrid motor vehicle. According to the IRS, the full credit can be...

Some progress made preparing for pandemic flu.(Deloitte Center for Health Solutions survey)(Brief article)
February 1, 2007... Although U.S. employers have made progress in the last year preparing for a pandemic flu, there is room for improvement, according to a survey recently released by the Deloitte Center for Health Solutions, part of Deloitte & Touche USA LLP, and...

Illinois, treasury launch pilot program.(Department of the Treasury. Financial Management Service and Illinois Department of Revenue)(Electronic Federal Tax Payment System)
February 1, 2007... Would business taxpayers be more likely to make federal tax payments through the Electronic Federal Tax Payment System (EFTPS) if they could also pay state withholding taxes at the same time? That's a question that federal officials are trying...