Executive's Tax & Management Report articles from September 2004

Executive's Tax & Management Report archives from September 2004

Stock options: an effective form of compensation.
September 1, 2004... Stock options can be an effective form of compensation for both privately owned companies and publicly traded companies. Owners can use stock options to encourage employee pride in the company and, therefore, performance. Stock options can also...

IRS casts wider net on related party exchanges.(Dealing With The IRS)(Internal Revenue Service)
September 1, 2004... Internal Revenue Code (IRC) Section 1031 permits a taxpayer to exchange investment or business use property for property of a like kind without recognizing any gain. Any gain not recognized on the exchange is deferred until a later sale of the...

The evolving role of finance departments.(Management Strategies)
September 1, 2004... Strategic financial thinking and analysis are among the critical elements that executives look for in finance departments; however, executives acknowledge that their own finance departments aren't stepping up to the challenge, according to a...

Additional compliance burden for certain corporate taxpayers.(Tax Procedures)
September 1, 2004... On July 7, 2004, the Internal Revenue Service (IRS) released a draft of the final version of the proposed Schedule M-3 for use by certain corporations filing a Form 1120, "U.S. Corporation Income Tax Return." The new Schedule M-3 expands the...

IRS nixes exemptions claimed by custodial father.(Family Tax Angles)(Internal Revenue Service)
September 1, 2004... If you're a single parent and your biological child lives with you, you aren't automatically entitled to file as a head of household or to claim a dependency exemption or child tax credit. That's what Derrick Elkins learned when the Internal...

Documentation required for certain charitable contributions. (Charitable Deductions.(Internal Revenue Service)
September 1, 2004... Any charitable deduction in excess of $250 that you claim on your federal income tax return must be backed up by a written acknowledgement from the charity. Otherwise, the Internal Revenue Service (IRS) and Tax Court may knock out the...

Pursuing aggressive enforcement of taxpayer rights.(Personal Taxes)
September 1, 2004... Aggressive enforcement of the tax laws must be coupled with aggressive enforcement of taxpayer rights, National Taxpayer Advocate Nina E. Olson said in a recent report to Congress. Required by law, the National Taxpayer Advocate's Fiscal Year...

Son-of-Boss settlement nets impressive response.(Dealing With The IRS)(Notices of Election)(Son of Boss)
September 1, 2004... Taxpayers who didn't take the Internal Revenue Service (IRS) up on its offer to settle a tax shelter commonly known as "Son of Boss" should expect to receive a statutory notice of deficiency disallowing all losses and out-of-pocket costs and to...

Study offers new perspective on offshoring.(Managing Your Business)
September 1, 2004... Sending work overseas no doubt has an immediate negative effect on US workers who lose their jobs as a direct result of offshoring. A new study, however, reports that the big picture may not be as bad as news reports make it out to be. ...

Streamlined sales tax system efforts continue--despite obstacles.(Executive's Briefcase)
September 1, 2004... State efforts to develop a streamlined sales tax system are being hampered by several factors, according to CCH Tax and Accounting, a leading provider of tax and accounting information, software, and services and publisher of Executive's Tax &...

Is your company curbing business travel?(Executive's Briefcase)(Brief Article)
September 1, 2004... Increased security measures. Rising travel expenses due to high-energy costs. Have these factors affected your business travel plans? In a recent survey, 29 percent of human resource professionals expect business travel to increase at their...

IRS cracking down on improper deductions for conservation easement donations.(Executive's Briefcase)(Internal Revenue Service)(Brief Article)
September 1, 2004... Taxpayers, promoters, appraisers, and others involved in improper tax deductions for conservation easement donations may face penalties, the Treasury Department and the Internal Revenue Service (IRS) announced in a recent notice. The notice...

Do you need to rethink your retirement savings plan?(Executive's Briefcase)(Brief Article)
September 1, 2004... Retirement income levels are heavily influenced by the employer programs available and by employees' actions, according to a recent study conducted by Hewitt Associates (www.hewitt.com). The study examined the projected retirement income levels...