Executive's Tax & Management Report articles from October 2003

Executive's Tax & Management Report archives from October 2003

Is back pay award subject to taxation?
October 1, 2003... A guard for the Colorado Department of Corrections sustained injuries at work that prevented him from performing his duties. After he lost his job, he sued the state, alleging discrimination under the Americans With Disabilities Act (ADA). The...

Final regs issued on split-dollar life insurance.(Brief Article)
October 1, 2003... Companies cannot use split-dollar life insurance arrangements to provide tax-free compensation to their executives, according to final regulations issued in September by the Treasury and the IRS. The regulations provide comprehensive tax rules...

The latest IRS attack on family limited partnerships.(Family Tax Angles)(Internal Revenue Service)
October 1, 2003... For many years, family limited partnerships, and more recently family limited liability companies (both referred to as FLPs in this article), have been planning tools of choice for estate planners. However, the IRS has recently been achieving...

Education planning--the complexity continues.(Education Expenses)
October 1, 2003... Last month, we discussed the importance of setting quantifiable goals and planning ahead for future higher education expenses. This month, we discuss strategies to help you save for those expenses and factors that impact the spending phase of...

Foreign activity filing requirements.(Tax Procedures)
October 1, 2003... Following the tragedy of 9-11, the Treasury Department and the IRS began a crackdown on the required filings that US persons (individuals or entities) have with regard to foreign entities and/or foreign accounts. Although many of the laws...

Guidance issued on equitable relief for spouses.(Dealing with the IRS)
October 1, 2003... If you or a member of your family is seeking equitable relief from a spouse's or former spouse's income tax liability, then you should be aware of a new revenue procedure that supersedes earlier IRS guidance on the issue. Revenue Procedure...

Procedures outlined for offers in compromise.(Tax procedures)
October 1, 2003... If you or a family member are trying to settle a tax liability with the IRS, you might be interested in recently released procedures for submitting and processing offers in compromise [Rev. Proc. 2003-71]. The procedures reflect changes to the...

Miscalculated AMT liability costs company millions.(Business Taxes)(Alternative Minimum Tax)(Ventas Inc.)
October 1, 2003... A national real estate company lost its bid to recover $2.7 million in income taxes, penalties, and interest that it paid after allegedly miscalculating its alternative minimum tax (AMT) liability. NEW CASE Ventas, Inc., asked the US Court...

Purchase over-the-counter drugs on a pre-tax basis.(Executive's Briefcase)(Brief Article)
October 1, 2003... Purchase over-the-counter drugs on a pre-tax basis. You and your employees might want to increase the amount you set aside in your health care flexible spending accounts. That's because the Treasury and the IRS announced last month that...

Middle managers on the move.(Executive's Briefcase)(Brief Article)
October 1, 2003... Middle Managers On the Move. Nearly one-half of middle managers are either actively seeking a new job or planning to look for one, according to a new survey from Accenture (www.accenture.com). Thirty-eight percent of the 500 survey...

Overhaul recommended for tax return extension requests.(Executive's Briefcase)(Brief Article)
October 1, 2003... Overhaul Recommended for Tax Return Extension Requests. IRS regulations on granting extensions of time to file income tax returns are delaying the receipt of billions of tax dollars each year and creating substantial burden for compliant...

Companies have differing views of accounting standards.(Management Issues)
October 1, 2003... A growing number of executives at public companies have an unfavorable opinion of the Sarbanes-Oxley Act, which mandated new corporate accounting standards. Meanwhile, a separate study found that many financial executives in private companies...