Executive's Tax & Management Report articles from September 2003

Executive's Tax & Management Report archives from September 2003

Education planning--more complex than ever.
September 1, 2003... Historically, education planning was concerned with college savings. It involved projecting the present cost of future college expenses and determining how to incorporate these projections into a financial plan. Today, education planning has an...

Final regs issued for golden parachute payments.
September 1, 2003... The Treasury Department and the IRS recently issued final regulations for "golden parachute payments," as well as a new revenue procedure for valuing stock options that are treated as golden parachute payments. A golden parachute payment...

Guidance released on life insurance and annuity contracts.(Dealing With The IRS)
September 1, 2003... The Treasury and the IRS are stepping up efforts to curtail the abusive use of life insurance and annuity contracts. Life insurance and annuity contracts receive favorable treatment under the Internal Revenue Code, including deferring tax...

So you thought estate taxes were getting easier?(Family Tax Angles)
September 1, 2003... In the good old days, planning for estate taxes usually meant planning for the federal estate tax, or as it has become popularly known in the press, the "death tax." Much less attention was focused on each state's estate or inheritance tax....

Can you deduct your mileage for trips to the IRS?(Dealing With The IRS)
September 1, 2003... If you are unfortunate enough to be audited by the IRS, you can at least deduct your mileage in connection with the audit. That was the one bright spot for a taxpayer who took the IRS to court over his 1998 income taxes [Dieter Stussy v....

Child's birthday determines age for IRC purposes.(Executives Briefcase)(Brief Article)
September 1, 2003... Child's Birthday Determines Age for IRC Purposes. In a recent revenue ruling, the IRS spells out what seems obvious: For the purposes of certain credits, deductions, or exemptions, "a child attains a given age on the anniversary of the date...

New health coverage tax credit program in effect nationwide.(Executives Briefcase)
September 1, 2003... New Health Coverage Tax Credit Program in Effect Nationwide. The nationwide rollout of the federal Health Coverage Tax Credit (HCTC) program took place last month, providing advance payments for health insurance premiums to eligible employees,...

More than $75 million collected through offshore compliance efforts.(Executives Briefcase)
September 1, 2003... More Than $75 Million Collected Through Offshore Compliance Efforts. In its latest update on the Offshore Voluntary Compliance Initiative, the IRS reports that it has collected more than $75 million in taxes and identified more than 400...

Final regulations issued on substantiation of business travel expenses.(Executives Briefcase)(Brief Article)
September 1, 2003... Final Regulations Issued on Substantiation of Business Travel Expenses. The IRS recently released final regulations relating to substantiation of business expenses while traveling away from home. Effective July 1, 2003, the regulations amend...

Technology program faces another delay.(Executives Briefcase)
September 1, 2003... Technology Program Faces Another Delay. The IRS had hoped to launch the first phase of its new Customer Account Data Engine (CADE) this fall, but another setback has postponed the launch until the 2004 tax-filing season. CADE is a program...

Advance to gas station not considered income.(Closely Held Corporations)
September 1, 2003... The owners of a closely held gas station/convenience store corporation maintained that the $175,000 they received from an oil company in 1996 was a loan. The IRS unsuccessfully challenged that claim, saying that the money was deferred...

Factors that establish a debtor/creditor relationship.(Closely Held Corporations)(Brief Article)
September 1, 2003... When the Tax Court determines whether a debtor-creditor relationship has been established, it considers whether... 1. A note or other evidence of indebtedness exists; 2. Interest is charged; 3. There is a fixed maturity date or...

E-Business Web page available to small businesses.(Closely Held Corporation)
September 1, 2003... The IRS' Small Business/Self-Employed Operating Division recently launched a new Electronic Business Web page. A resource center for companies that are involved in e-commerce, the Web page offers information on... * Selling goods or...