Executive's Tax & Management Report articles from November 2003

Executive's Tax & Management Report archives from November 2003

Capital gains--more complex than ever.
November 1, 2003... There are few areas of the income tax law that are fought over more in Congress than that of the taxation of capital gains. It has become a political battleground between Republicans and Democrats, conservatives and liberals. The tax rate on...

More small businesses can use standard mileage rate in 2004.(Brief Article)
November 1, 2003... Taxpayers who use up to four vehicles for business purposes in 2004 may use the standard mileage rate for computing the deductible costs of operating the vehicles. Currently, taxpayers using more than one vehicle at a time cannot use the...

Did you know ...(Brief Article)
November 1, 2003... The Schedule D included in the 2003 income tax returns will be one of the most complex in many years. The current draft of the 2003 Form 1040 Schedule D uses 53 lines (up from 40) to compute the capital gains and income tax using the maximum...

Shares in family tree farm are subject to gift tax.(Family Tax Angles)
November 1, 2003... "Most post-retirement hobbies don't involve multi-million dollar companies or land retirees in hot water with the IRS, but those are the circumstances in this case," the US Court of Appeals for the Seventh Circuit wrote in a recent decision...

Company hooks fishing trip deduction.(Business Deductions)(Townsend Industries Inc.)
November 1, 2003... For the last 40 years, Townsend Industries, Inc., has gathered its salespeople, corporate staff, and factory workers for an annual, two-day meeting at its Iowa headquarters, followed by an expense-paid fishing trip in Canada. However, the IRS...

Estate planning for domestic partners.(Family Tax Planning)
November 1, 2003... Currently, there are over 4 million heterosexual and homosexual couples who are unmarried and cohabitating. Domestic partners have many planning issues that are unique to their living arrangement, and because the laws of the states do not...

Withholding tax rules and filing requirements for foreign persons.(Dealing With The IRS)
November 1, 2003... Any business operating in the United States that makes payments to non-US persons should be aware of the tax rules governing the responsibility to withhold US tax on payments to foreign persons. Additionally, foreign taxpayers claiming tax...

What's the latest in executive compensation?(Compensation & Benefits)
November 1, 2003... Recent surveys show a variety of shifts taking place in executive compensation, including a move away from stock options. Pay Levels Lowered Companies are taking a fresh look at their compensation strategies and developing new...

Penalties imposed for treating employees as subcontractors.(Payroll Taxes)
November 1, 2003... The IRS' definition of an independent contractor may differ from your definition of one. But if the IRS determines that you have an employer-employee relationship with your "independent contractor," you could liable for back employment taxes as...

2004 vehicle eligible for clean-burning fuel deduction.(Executive's Briefcase)(Brief Article)
November 1, 2003... If you're in the market for a new car, you might want to be on the lookout for a vehicle certified by the IRS for the clean-burning fuel deduction. So far, only one 2004 model has received certification: the 2004 Toyota Prius. Previously,...

Heavy executive turnover expected when the job market improves.(Executive's Briefcase)(Brief Article)
November 1, 2003... When the job market improves, will your executive-level employees look elsewhere for work? Eighty-three percent of managerial/executive employees said it is extremely likely or somewhat likely that they would actively seek new employment once...

Final regulations issued on the treatment of stock-based compensation in qualified cost Sharing Arrangements.(Executive's Briefcase)(Brief Article)
November 1, 2003... The Treasury Department and the IRS have issued final regulations on the tax treatment of stock-based compensation under the related party transfer pricing rules governing qualified cost sharing arrangements. "It is critically important to...

2003 auto depreciation deductions released.(Tax Procedures)
November 1, 2003... If your company purchased a vehicle this year, you might be interested in knowing how big a depreciation deduction it will get on its next tax return. In Revenue Procedure 2003-75, the IRS lists the 2003 depreciation deduction limitations for...