Executive's Tax & Management Report articles from July 2006

Executive's Tax & Management Report archives from July 2006

How will the new tax bill impact you?(Tax Increase Prevention and Reconciliation Act of 2005)
July 1, 2006... The Tax Increase Prevention and Reconciliation Act of 2005 (H.R. 4297) [P.L. 109-222], which President Bush signed this May, includes an extension of capital gains and dividend rates, alternative minimum tax (AMT) relief and enhanced Internal...

Real estate "TICs" and Code Sec. 1031 exchanges.(INVESTMENTS)(tenant in common )
July 1, 2006... Code Sec. 1031 allows a taxpayer to defer gains realized from the exchange of property held for investment or trade or business use or for property of a like-kind also to be held for investment or trade or business use. Most Code Sec. 1031...

Low-income housing credits offer tax savings.(INVESTMENTS)
July 1, 2006... Taxes are one of the largest expenses that executives face and are a barrier to retaining income and building wealth. Out of all the income earned in one's lifetime, a large portion is lost to taxes. However, certain laws help taxpayers...

SEC proposes to broaden disclosure of golden parachute payments.(COMPENSATION & BENEFITS)
July 1, 2006... The Securities and Exchange Commission (SEC) has proposed new disclosure requirements for executive and director compensation in public company proxy statements and other securities fillings. On January 27, 2006, the SEC released the proposed...

IRS provides corporate e-file update.(TECHNOLOGY)
July 1, 2006... If you think your corporate tax return is too long to file it electronically with success, think again. The IRS recently announced that General Electric (GE), which files the largest tax return in the country, successfully did so on May 18....

How prepared are you for a hurricane?(DISASTER PLANNING)
July 1, 2006... Last year's devastating hurricanes in the Gulf Coast prompted many businesses to take a closer look at their preparedness and disaster recovery plans. But individuals also need to prepare for a potential natural disaster--no matter where they...

Trust fund penalties assessed against manager.(BUSINESS TAXES)
July 1, 2006... In the eyes of the IRS, you don't have to be formally designated a signatory for your company to be seen as a "responsible person" for purposes of the trust fund recovery penalty. NEW CASE The IRS assessed penalties against Douglas J....

Reporting burden reduced for corporations, shareholders.(Executive's Briefcase)
July 1, 2006... Thanks to new regulatory revisions recently announced by the IRS, the reporting burden on corporations and shareholders will be reduced, and it will be easier for them to file their tax returns electronically. The LRS has reviewed several...

Additional direct deposit options in the works.(Executive's Briefcase)(Brief article)
July 1, 2006... Would you be more likely to add money to your savings or retirement account if you could divide your income tax refund among different accounts? That's a theory the IRS is banking on with its plans to create a split-refund program for direct...

More hybrids eligible for energy tax credit.(Executive's Briefcase)
July 1, 2006... In last month's issue of EXECUTIVE'S TAX & MANAGEMENT REPORT, you read that 11 hybrid vehicles manufactured by Ford Motor Company and Toyota Motor Sales U.S.A., Inc. have been certified as meeting the requirements of the Alternative Motor...

Companies help ease pain at the gas pump.(Executive's Briefcase)(Survey)(Brief article)
July 1, 2006... With record-setting prices for gasoline, a growing number of organizations are increasing their mileage reimbursement rate to the IRS cap and taking other measures to employees deal with gasoline prices, according to a recent survey by the...

Deadline approaching for resolution program.(Executive's Briefcase)(business tax issues)(Brief article)
July 1, 2006... Business taxpayers and associations looking for resolution of a problematic tax issue are encouraged to submit the issue for consideration for the IRS's Industry Issue Resolution (IIR) Program. The IRS reviews submissions semi-annually. The...

Refunds due for tax on phone service.(DEALING WITH THE IRS)
July 1, 2006... Traxpayers will no longer be required to pay the federal excise tax on long-distance telephone service and will be eligible to file for refunds of those taxes billed after February 28, 2003, the Treasury Department and the IRS recently...