Executive's Tax & Management Report articles from July 2004

Executive's Tax & Management Report archives from July 2004

No profit objective? No deduction.
July 1, 2004... If your business activities lack a clear profit objective, then the Internal Revenue Service (IRS) might nix your business deductions. That's what Brenda Konchar found out when the IRS determined deficiencies in her federal income taxes of...

Senate, House to hash out compromise on Internet tax moratorium.(Taxes on Internet Access)(Brief Article)
July 1, 2004... Nearly six months after a temporary Internet tax moratorium expired, and more than seven months after the US House of Representatives approved a permanent extension, the Senate recently voted to extend the Internet tax ban for four years. The...

Final regs issued on student loan interest deduction.(Education Expenses)(Amendments)
July 1, 2004... If you or members of your family are paying back a student loan, you might be interested in recently issued final regulations on the deduction for interest paid on qualified education loans. In addition to other issues, the final...

Maximizing the meals and entertainment expense deduction.(Travel & Entertainment Expenses)
July 1, 2004... Almost everyone is aware of the limitations that Congress placed on the "three-martini lunch." In an effort to prevent perceived abuses in the deductions of expenses for meals and entertainment (M&E), the Internal Revenue Code (IRC), in Section...

Don't overlook risk management: Part II.(Financial Planning)
July 1, 2004... Last month, we discussed the role that insurance companies, insurance agents, and personal risk management issues play in risk management.. This month, we focus on property risk management issues (i.e., homeowner's, automobile, and liability...

Tax bills are a step closer to becoming law.(Tax Legislation)
July 1, 2004... As we reported in the June issue of Executive's Tax & Management Report, the congressional calendar and election-year politics may prevent significant tax legislation from being enacted in the second half of the year. Although certain proposals...

IRS targets abusive tax avoidance transactions between S corporations and tax-exempt entities.(Executive's Briefcase)(Brief Article)
July 1, 2004... The Treasury and the Internal Revenue Service (IRS) recently issued guidance on certain kinds of abusive tax avoidance transactions involving S corporations and tax-exempt entities, such as charities. The abusive transactions, which are now...

IRS reports record year for E-file.(Executive's Briefcase)(United States Internal Revenue Service.)(Brief Article)
July 1, 2004... Taxpayers filed nearly 60 million federal income tax returns via e-file through April 30 of this filing season. The figure marks a 7 million jump over the total number of electronic returns for all of 2003. The final 2004 tally is expected...

Summer vacation may boost worker productivity.(Executive's Briefcase)(Brief Article)
July 1, 2004... When your employees say, "Give me a break," maybe you should. In a recent Accountemps (www.accountemps.com) survey, 51 percent of participating executives said that their employees are more productive after a vacation than before one....

Beware of identity theft scheme involving Bogus email, web site.(Executive's Briefcase)(Taxpayers Safety)(Brief Article)
July 1, 2004... If you receive an email purportedly from the IRS, beware. The IRS does not use email to contact taxpayers about issues related to their accounts. Official taxpayer contact usually includes a letter on IRS stationery in an IRS envelope. IRS...

Only half of workers get paid sick leave.(Executive's Briefcase)(Brief Article)
July 1, 2004... If your company doesn't provide paid sick leave to its workers, then it might want to reconsider. A recent report, "No Time to Be Sick: Why Everyone Suffers When Workers Don't Have Paid Sick Leave," found that nearly 60 million workers go...

Tax filing and deposit schedule updated.(Tax Procedures)
July 1, 2004... In the January 2004 issue of Executives Tax & Management Report, we included a "federal tax action" calendar for January through June 2004. On the next four pages is the schedule of federal tax filing and deposit deadlines for the remainder of...

Federal tax action calendar for July-December 2004.(Financial International Corporation of America)(Calendar)
July 1, 2004... JULY Friday, July 2 FICA and withheld income tax. Semiweekly depositors deposit the tax on wages paid June 26-29. Thursday, July 8 FICA and withheld income tax. Semiweekly depositors deposit the tax on wages paid June 30-July...