Executive's Tax & Management Report articles from February 2008

Executive's Tax & Management Report archives from February 2008

Late AMT patch causes filing delay for some.(alternative minimum tax )
February 1, 2008... President Bush signed a one-year extension of the alternative minimum tax (AMT) patch on December 26, giving millions of taxpayers something to celebrate in the new year: relief from the AMT. Without the extension, an estimated 25 million...

Fast track settlement program gaining speed.(Brief article)
February 1, 2008... Small businesses and self-employed taxpayers in eight areas of the country will now be able to participate in the IRS's Fast Track Settlement program. Under the program, taxpayers under examination by the IRS's Small Business/...

Tax filing tips to keep in mind.(Brief article)
February 1, 2008... Procrastinators, beware. Waiting until mid-April to file your federal income tax return not only increases the potential for mistakes made in haste but also delays your receipt of a refund, if you' re eligible for one. The IRS has...

Late-year changes, cancelled debt income pose concerns.(DEALING WITH THE IRS)
February 1, 2008... Late-year tax code changes may mean that taxpayers are missing out on tax deductions to which they are entitled, National Taxpayer Advocate Nina E. Olson wrote in her 2007 Annual Report to Congress. Each year, the National Taxpayer Advocate...

Most serious problems faced by taxpayers.(DEALING WITH THE IRS)(Brief article)
February 1, 2008... Following is the complete list of the 26 most serious problems facing taxpayers, as identified by National Taxpayer Advocate Nina E. Olson in her 2007 Annual Report to Congress: 1. Impact of late-year tax law changes on taxpayers 2....

Taxpayer advocate outlines legislative recommendations.(DEALING WITH THE IRS)
February 1, 2008... In her 2007 Annual Report to Congress, National Taxpayer Advocate Nina E. Olson identified the following seven key legislative recommendations: 1. Create a Taxpayer Bill of Rights and authorize de minimis "apology" payments ranging from...

Top 10 litigated tax issues.(DEALING WITH THE IRS)(Brief article)
February 1, 2008... The National Taxpayer Advocate also identified the 10 tax issues most often litigated in federal courts. Based on cases decided from June 1, 2006, to May 31, 2007, the top 10 issues are as follows: 1. Appeals from collection due process...

IRS touts e-file, direct deposit.(TAX RETURNS)
February 1, 2008... The IRS is encouraging taxpayers to file their 2007 federal income tax returns electronically and--if they are due a refund--to have the refund direct deposited into one or more accounts. E-Filing Gaining Momentum A total of about 138...

Guidance released on preparer-related issues.(TAX RETURNS)
February 1, 2008... Just weeks before the filing season kicked off, the Treasury and the IRS released guidance related to new standards of conduct for tax return preparers, as well as guidance giving taxpayers greater protection and control over their tax return...

Tips to consider when choosing a tax return preparer.(TAX RETURNS)
February 1, 2008... More than 60 percent of individual taxpayers use a tax return preparer to complete their federal income tax return, according to the IRS. Although most preparers are reputable, the IRS warns that unscrupulous preparers may claim inflated...

Fraud affects companies of all sizes.(MANAGING YOUR BUSINESS)(Survey)
February 1, 2008... Nearly half of 5,400 organizations participating in a global survey reported that they had been victims of economic crime within the past two years--with significant financial impacts. Although no size organization was immune to fraud,...

Are your workers classified properly?(DEALING WITH THE IRS)
February 1, 2008... Proper classification of workers has important tax implications for businesses. That's because employers generally have responsibilities related to federal income tax withholding and FICA and FUTA tax. Independent contractors, on the other...

Penalty imposed for unreported income.(PERSONAL TAXES)
February 1, 2008... A taxpayer reported $44 in A interest income but not the nearly $55,000 in nonemployee compensation he received from three other companies during 2003, even though he attached Forms 1099 from all four payors to his 2003 federal income tax...

Rewards offered through whistleblower office.(Executive's Briefcase)(Brief article)
February 1, 2008... Those who report violations of the tax law may be entitled to a reward, depending on the amount of the tax, penalties, interest, additions to tax and additional amounts in dispute, the IRS recently announced. In Notice 2008-4, the IRS...

Disabled veterans eligible for refunds.(Executive's Briefcase)(Brief article)
February 1, 2008... Disabled veterans who paid tax in the past three years on benefits provided under the Department of Veterans Affairs (VA) Compensated Work Therapy (CWT) program can claim refunds, the IRS recently announced in Rev. Rul. 2007-69 (IRB 2007-49,...

Effective communication impacts the bottom line.(Executive's Briefcase)(Brief article)
February 1, 2008... Companies with the most effective communication programs had a 47 percent higher total return to shareholders from 2002 to 2006 than companies that communicate least effectively, Watson Wyatt reports in The 2007/2008 Communication ROI...

Five new GM vehicles certified for credit.(Executive's Briefcase)(Brief article)
February 1, 2008... Five model year 2008 motor vehicles manufactured by General Motors Corp. have been certified by the IRS as hybrid vehicles that qualify for the alternative motor vehicle credit. Following is a list of the vehicles and their respective...

Form 990 updated for tax-exempt organizations.(Executive's Briefcase)(Brief article)
February 1, 2008... Tax-exempt organizations with gross receipts exceeding $1 million or with total assets exceeding $2.5 million must file an updated version of Form 990 for the 2008 tax year (filed in 2009), according to the IRS. Form 990 is the return that...

Utility company issue selected as IIR project.(Executive's Briefcase)(Industry Issue Resolution )(Brief article)
February 1, 2008... The IRS and the Treasury plan to develop an alternative method that integrated utility companies can use to compute the tax deduction for domestic production of electricity and natural gas, as well as other production activities, under Code...

Biz tax reform eyed.(BUSINESS TAXES)
February 1, 2008... A nee Treasury Department report is expected to spark continued discussion of ways to reform the U.S. business tax system. The 121-page report, Approaches to Improve the Competitiveness of the U.S. Business Tax System for the 21st Century,...