Executive's Tax & Management Report articles from October 2006

Executive's Tax & Management Report archives from October 2006

Should you care if a tax strategy is patented?
October 1, 2006... The title of this article may appear to be absurd. How can a tax strategy be patented, and, even if it were possible, why would someone want to do so? This issue has caught the attention of the House Committee on Ways and Means because more...

U.S., Canadian agents unravel tax scheme.(Brief article)
October 1, 2006... Middle- to high-income individuals have been the prime target in an abusive cross-border tax scheme being unraveled by IRS officials and their colleagues at the Canada Revenue Agency (CRA). According to the IRS, the scheme involves tens of...

GO Zone bonus depreciation update.(DEALING WITH THE IRS)
October 1, 2006... Rental property not subject to a net lease in which the taxpayer meaningfully participates in management of the property will qualify for GO Zone bonus depreciation, assuming other requirements are met, the IRS states in a recent notice. In...

Significant tax issues languish as fall elections approach.(TAX LAWS IN THE MAKING)
October 1, 2006... As Congress approaches the mid-term elections and has increasingly fewer days to complete legislation, a number of priority tax issues still remain on its plate, prompting questions about whether they will be finished this year. Tax...

TIPRA05 Extends Reduced Dividends, Capital Gain Rates.(Tax Increase Prevention and Reconciliation Act of 2005)
October 1, 2006... The Tax Increase Prevention and Reconciliation Act of 2005 ("TIPRA05") [P.L. 109-222] includes over 30 provisions potentially affecting a wide range of taxpayers, including individuals, businesses, corporations, pass-through entities and...

Many don't provide required ethics training.(MANAGEMENT STRATEGIES)
October 1, 2006... Recent amendments to the Federal Sentencing Guidelines require all employers to provide their employees with ethics and compliance training, but nearly 60 percent of employers don't currently offer such training, according to a recent survey by...

FIN 48: time to get started.(FASB Interpretation No)
October 1, 2006... What a Difference a Few Years Make Five years ago, the calculation of a company's tax provision was one of the last performed and least scrutinized steps in the preparation of financial statements. A company's best estimates of the tax...

IRS outlines priorities for 2006-2007.(TAX PROCEDURES)
October 1, 2006... Each year, the Treasury and the IRS release a list of tax issues identifying topics on which they plan to provide formal legal guidance--in the form of regulations, rulings, revenue procedures and notices--during the coming year. The 2006-2007...

There's still time to e-file 2005 tax return.(Executive's Briefcase)(Brief article)
October 1, 2006... If you previously received an extension to file your 2005 federal income tax return, your filing deadline is fast approaching. The IRS recently issued a reminder that October 16 is the deadline for taxpayers who received an extension and that...

Katrina-impacted businesses get reprieve.(Executive's Briefcase)(Brief article)
October 1, 2006... Businesses in the Gulf Coast that were impacted by Hurricane Katrina in 2005 have been granted an additional postponement of certain filing and payment requirements, the IRS recently announced. Business taxpayers in seven Louisiana parishes...

Minimal pay impact expected from new rules.(Executive's Briefcase)(Brief article)
October 1, 2006... More than half of corporate HR and compensation executives in a recent survey say that the new executive pay disclosure rules will not affect executive pay levels, according to Watson Wyatt Worldwide (www.watsonwyatt.com). The new...

Telephone tax refund process outlined.(Executive's Briefcase)(Brief article)
October 1, 2006... Millions of individual taxpayers will be eligible for a $30 to $60 telephone tax refund when they file their 2006 federal tax returns next year, the IRS recently reported. Long-distance customers can use standard amounts to calculate their...

Are you prepared for a disaster?(MANAGING YOUR BUSINESS)
October 1, 2006... Five years after the 9/11 terrorist attacks and one year after Hurricane Katrina, 46 percent of senior executives say their companies are better prepared than they were a year ago to access business-critical information in the event of a...