Executive's Tax & Management Report articles from January 2007

Executive's Tax & Management Report archives from January 2007

IRS releases inflation adjustments for 2007.(Internal Revenue Service)
January 1, 2007... The 2007 income brackets and tax-related limitations, which have been adjusted for inflation, were recently released by the IRS [Rev. Proc. 2006-53, IRB 2006-48, Nov. 9, 2006]. KEY CHANGES FOR 2007 > Starting in tax year 2007, the value...

Choosing the best entity structure for your business.(MANAGING YOUR BUSINESS)
January 1, 2007... Currently, in the business world, there are numerous choices to be made. Often, the first question posed by a taxpayer has to do with the choice of legal business entity for the taxpayer's new business. There are various types of entities...

Does the IRS owe you money?(DEALING WITH THE IRS)
January 1, 2007... With the start of the new calendar year, it is time to start planning ahead for the tax filing season. While reviewing your records, however, check to make sure that you have received any past refunds due to you. After spending so much...

More hybrids certified for tax credit.(Executive's Briefcase)
January 1, 2007... The IRS recently announced that four 2007 vehicles manufactured by American Honda Motor Company, Inc., meet the requirements of the Alternative Motor Vehicle Credit. The vehicles and their credit amounts follow: * Honda Civic GX ($4,000)...

Some taxpayers get extra day to file.(Executive's Briefcase)
January 1, 2007... Taxpayers in Maine, Maryland, Massachusetts, New Hampshire, New York, Vermont and the District of Columbia will have an extra day to file their 2006 returns and pay any taxes due, according to the IRS. While the deadline for most...

Are your employees coming to work sick?(Executive's Briefcase)(Brief article)
January 1, 2007... Fifty-six percent of employers cite "presenteeism" (i.e., when employees show up for work even though they are sick) as a problem in their organization compared to 39 percent in a survey two years ago, according to the results of the CCH...

Guidance issued on payroll deductions to charities.(Executive's Briefcase)(Brief article)
January 1, 2007... Starting with charitable contributions made in 2007, calendar year taxpayers must follow new substantiation guidelines for donations that they make to charities via payroll deductions, according to the IRS. Proper substantiation includes...

Employers must track per diem reimbursements.(Executive's Briefcase)(Brief article)
January 1, 2007... In recent guidance [Notice 200656, IRB 2006-28, 58], the IRS explains that employers must track the amount of expense reimbursement allowances they pay to employees on a per diem basis. Employer reimbursements for substantiated business...

IRS headquarters reopens for business.(Executive's Briefcase)(Internal Revenue Service)(Brief article)
January 1, 2007... After damage from a June 2006 flood forced the IRS to close its headquarters building, the IRS announced a temporary change of address for the delivery of taxpayer requests for rulings, requests for determination letters, Applications for...

CPAs no longer have to send privacy notices.(Executive's Briefcase)(certified public accountants)(Brief article)
January 1, 2007... Clients of certified public accountants (CPAs) will receive one less privacy notice in the mail this year as a result of a provision in a new law. CPAs were previously required to send an annual privacy notice to clients. However, the...

Small biz help for securing federal contracts.(Executive's Briefcase)(small businesses regulations)(Brief article)
January 1, 2007... Small business trying to secure federal government contracts may be interested in a new regulation announced by the U.S. Small Business Administration (SBA). The regulation requires small businesses to recertify their size status on long-term...

Does your company pay for performance?(Executive's Briefcase)(Brief article)
January 1, 2007... The executive pay-for-performance model is working for most U.S. companies in that executives at financially high-performing companies are realizing higher compensation than those at under-performing companies, according to Watson Wyatt...

Get up to speed on auto deductions.(TAX RETURNS)
January 1, 2007... Taxpayers who use their own car, van, pickup or panel truck for business purposes are generally allowed to deduct related expenses as transportation expenses, providing they meet certain criteria. The IRS recently released information...

Phone tax refund formula announced for businesses.(BUSINESS TAXES)
January 1, 2007... Businesses and tax-exempt organizations don't have to determine the specific amount they paid in federal long-distance telephone excise tax over the course of 41 months to request a refund of the tax. That's because the IRS recently released...

Filing and deposit deadlines listed.(TAX PROCEDURES)(Calendar)
January 1, 2007... Every year, the IRS releases a schedule of federal tax filing and deposit deadlines for the coming calendar year. On the next four pages, you'll find the schedule for the first half of 2007. The dates listed reflect adjustments for federal...

How are you managing energy costs?(MANAGING YOUR BUSINESS)(Survey)
January 1, 2007... Facing rising energy costs, 43 percent of small business owners have taken steps to reduce energy consumption, but most of those steps are small ones, the National Federation of Independent Business (NFIB) Research Foundation found in a...