Executive's Tax & Management Report articles from September 2006

Executive's Tax & Management Report archives from September 2006

GO zone depreciation--requirements and pitfalls.(Gulf Opportunity Zone Act of 2005)
September 1, 2006... As discussed in last month's issue of EXECUTIVE'S TAX & MANAGEMENT REPORT, Congress passed the Gulf Opportunity Zone Act of 2005 [P.L. 109-135] ("the Act") in response to the devastation caused by Hurricane Katrina. To encourage the...

Study takes new look at executive compensation.(COMPENSATION & BENEFITS)
September 1, 2006... Despite media reports that many CEOs receive multi-million-dollar pay packages, Business Roundtable reports that the growth in median total compensation for 350 large company CEOs is consistent with the growth of the market value and...

Guidance issued on tip reporting program.(Attributed Tip Income Program )
September 1, 2006... Employers in the food and beverage industry have a variety of options to choose from when it comes to participating in a voluntary tip reporting program. The newest item on the menu is the Attributed Tip Income Program (ATIP), which was...

Don't take the bait in phishing scams.(TECHNOLOGY)
September 1, 2006... The Treasury Department's Electronic Federal Tax Payment System (EFTPS) is the latest subject in a recent string of e-mail scams that attempt to convince individuals to disclose their personal information, making them vulnerable to identity...

401(k) plan trends revealed.(COMPENSATION & BENEFITS)
September 1, 2006... An increasing number of employees participate in their employer's 401(k) plan, but employers can be doing even more to improve plan design and effectively communicate the plan to employees, a recent survey found. Increasing Participation...

Court: employee misconduct no excuse for late payments.(PAYROLL TAXES)(Lanco Inns Inc.)(Jean Hubble's mis conduct)
September 1, 2006... Companies have an obligation to implement proper internal controls to make sure their tax obligations are timely met. NEW CASE * Lanco Inns, Inc., relied on its general manager to make timely and sufficient deposits for Form 941, Employer's...

Deducted losses, disability benefits knocked out.(BUSINESS DEDUCTIONS)(Peter Chow case)
September 1, 2006... An individual on disability leave was unable to show that he should be allowed to deduct a portion of his disability benefits or expenses and losses associated with investment transactions he made. NEW CASE * While on long-term disability...

Electronic policies minimize legal risks.(2006 Workplace E-Mail, Instant Messaging & Blog Survey )
September 1, 2006... Nearly one-quarter of U.S. companies have had employee e-mail subpoenaed, and 15 percent have ended up in court in a lawsuit triggered by employee e-mail, according to a recent survey. So what are employers doing in response? In increasing...

Latest IRS news on energy-efficient vehicles.(Internal Revenue Service)(Brief article)
September 1, 2006... If your company provides you with a cash incentive, or "rebate," to buy an environmentally friendly hybrid vehicle, then the amount must be included in your gross income, the IRS recently announced. According to the IRS, the tax code...

Repairs to IRS office expected through 2006.(Internal Revenue Service)(Brief article)
September 1, 2006... The IRS's headquarters in Washington, D.C., is expected to remain closed throughout much of 2006 due to heavy damage sustained during a record rainfall this June. The General Services Administration (GSA) said that repairs likely won't be...

Do you have a succession plan in place?(2006 Succession Planning Survey Report)(Brief article)
September 1, 2006... More than half of the human resource (HR) professionals participating in a recent survey have a formal or informal succession plan. In the 2006 Succession Planning Survey Report, the Society for Human Resource Management (SHRM) reported that...

Noncash donations discussed in latest Bulletin.(Statistics of Income Bulletin)
September 1, 2006... Individuals reported $36.9 billion in noncash charitable contributions for tax year 2003, according to the Spring 2006 issue of the IRS's Statistics of Income Bulletin. The figure includes donations reported on Form 8283, Noncash Charitable...

Final drafts of schedules M-3 released.(Executive's Briefcase)(Brief article)
September 1, 2006... Recently released final drafts of Schedules M-3; Form 8916, Reconciliation of Schedule M-3 Taxable Income with Tax Return Taxable Income for Mixed Groups; and a new Form 8916-A, Reconciliation of Cost of Goods Sold Reported on Schedule M-3...

Taxpayer advocate lists priorities.(DEALING WITH THE IRS)(Internal Revenue Service's Taxpayer Advocate Service)(disclosure of tax return)
September 1, 2006... Use or disclosure of tax return information by return preparers, a new downpayment requirement for lump-sum offers in compromise, guidance on "non-hardship effective tax administration" offers, and the IRS's private debt collection initiative...

Compromise offers require up-front payment.(Tax Increase Prevention and Reconciliation Act of 2005)
September 1, 2006... Taxpayers will now have to put their money where their mouths are when it comes to making an offer in compromise with the IRS. That's because the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) (P.L. 109-222), which was signed...