Executive's Tax & Management Report articles from November 2004

Executive's Tax & Management Report archives from November 2004

Congress OKs business, individual tax cuts.
November 1, 2004... U.S. businesses will receive an estimated $13 billion in tax relief over the next decade, thanks to a last-minute move by Congress to add the business incentives to the Working Families Tax Relief Act of 2004 (HR 1308). The House of...

Survey: CEOs brace for other tax increases.(Corporate Taxes)
November 1, 2004... The expected repeal of the foreign sales corporation status coupled with a bonus depreciation allowance set to expire at year-end has many executives bracing for a substantial increase in their company business taxes over the next two years....

Recent changes to individual AMT calculations.(Personal Taxes)(Alternative Minimum Tax)
November 1, 2004... The desire of Congress in recent years to reduce the tax burden on individual taxpayers has run headlong into the alternative minimum tax (AMT) system. The upshot of the AMT system, as modified by the Tax Reform Act of 1986, is that Congress...

Tax relief granted to hurricane victims.(Dealing With The IRS)
November 1, 2004... An unrelenting Mother Nature didn't provide much relief to hurricane victims in the Southeast, but the IRS did provide some. After Hurricane Charley and Tropical Storm Bonnie wreaked havoc on the East coast of Florida in August, the IRS...

Indirect method used to reconstruct income.(Business Taxes)
November 1, 2004... When a taxpayer doesn't maintain adequate financial records, the IRS can use an alternative method to calculate the taxpayer's income and determine whether it was underreported. NEW CASE * The IRS used an indirect method to calculate the...

Executives weigh in on security spending.(Managing Your Business)
November 1, 2004... In a post-9/11 world, increased spending on security seems like a no-brainer. But what sounds good in theory is often difficult to implement. Three years after the terrorist attacks, most companies report little increase in security spending,...

Seven open enrollment trends identified.(Compensation & Benefits)
November 1, 2004... As your company gears up for open enrollment for medical benefits this month, you and your employees may be anticipating some changes in coverage due to rising healthcare costs. You're wise to prepare for change, according to benefits...

Some companies shy away from investment advice.(Compensation & Benefits)
November 1, 2004... Liability concerns prevent many employers from offering retirement investment advice to their employees, according to a recent survey sponsored by the Society for Human Resources Management (SHRM), WorldatWork and the Employee Benefit Research...

Mother not entitled to dependency exemption.(Personal Taxes)
November 1, 2004... A mother could not claim a dependency exemption for her daughter until her divorce was final, because she did not meet the necessary criteria, according to the IRS and the Tax Court. The IRS sent Christina Wentland (now Christina Anderson)...

Lottery winners lose tax court battle.(Dealing With The IRS)
November 1, 2004... George and Angeline Lattera may have struck it big when they won the Pennsylvania Lottery, but the notice of deficiency they got after receiving a lump-sum payment was no prize. After the IRS said the couple owed $660,784 in federal income...

Successful tip program will continue indefinitely.(Executive's Briefcase)(Brief Article)
November 1, 2004... The IRS recently announced that it is indefinitely extending its Tip Rate Determination and Education Program, a voluntary compliance tool that has helped nearly double the reporting of tip income. Since the program was introduced more than...

Many executives anticipate theft from within their companies.(Executive's Briefcase)(Brief Article)
November 1, 2004... How prone is your company to theft by employees? A recent survey found that three in five privately held companies believe that it is likely that an employee will steal company funds or equipment this year. The study, sponsored by the Chubb...

Career barriers may prompt employees to seek out new jobs.(Executive's Briefcase)(Brief Article)
November 1, 2004... Are employees satisfied with the career landscape in your company? If not, they may be looking for greener pastures, according to a recent survey by CareerBuilder.com. "Thirty percent of workers say they are dissatisfied with their career...

Avoid common mistakes made in new executive position.(Executive's Briefcase)(Brief Article)
November 1, 2004... The first 100 days in a new position is a crucial time for senior executives. Failing to establish strategic priorities is the most common mistake made during this initial period, according to 23.5 percent of respondents in a recent survey by...

Dissatisfaction with procurement policies affect productivity and job satisfaction.(Executive's Briefcase)(Brief Article)
November 1, 2004... More than half of U.S. employees are dissatisfied with their companies' procurement policies, according to a recent survey released by Accenture, a global management consulting, technology services and outsourcing company (www.accenture.com)....

Value of personal flights on the rise.(Compensation & Benefits)
November 1, 2004... Use of the company jet for nonbusiness travel is a convenience available to some executives, but the value of the flight is also a taxable benefit in the eyes of the IRS. Just as executives must report personal use of a company car as...