Executive's Tax & Management Report articles from September 2007

Executive's Tax & Management Report archives from September 2007

IRS maps out plan to reduce tax gap.(United States. Internal Revenue Service)
September 1, 2007... Reducing opportunities for tax evasion and simplifying the Tax Code are among the ways that the Treasury and the IRS plan to improve voluntary compliance with federal tax laws. In a new report, Reducing the Federal Tax Gap: A Report on...

Electronic PIN signatures mandatory next filing season.(personal identification number)(Brief article)
September 1, 2007... Starting with the 2008 filing season, tax practitioners will no longer need to send a paper signature document to the IRS in support of electronically filed tax returns. In fact, they will be able to e-file individual income tax returns...

Four key principles guide compliance efforts.(Brief article)
September 1, 2007... The Treasury identifies four key principles that guided the development of its tax-gap strategy and continue to guide efforts to improve taxpayer compliance: 1. Both unintentional taxpayer errors and intentional taxpayer evasion should be...

IRS enforcement chips away at tax gap.(Brief article)
September 1, 2007... Improvements in enforcement efforts have resulted in significant progress in reducing the tax gap, according to the Treasury. Consider the following statistics: * Enforcement revenues are up almost $15 billion since fiscal year (FY) 2001...

Taxpayer advocate identifies priorities.(DEALING WITH THE IRS)(United States. Internal Revenue Service must manage their tax payers compliance)
September 1, 2007... Improving taxpayer services, ensuring that taxpayer rights are protected in the IRS's private debt collection initiative and making the offer-in-compromise program more accessible for taxpayers are among the key issues that the Office of the...

Finance Committee recommends basis reporting to IRS.(TAX LAWS IN THE MAKING)(Internal Revenue Service)
September 1, 2007... Brokerage firms would be required to report information to the IRS about the basis of securities sold by customers and information to determine the holding period of the respective stocks, if a recent proposal by the Senate Finance Committee...

New tax preparer rules affect auditor independence.(MANAGING YOUR BUSINESS)
September 1, 2007... The Securities and Exchange Commission (SEC) may not often assert a lack of auditor independence or investigate whether an auditor is independent with respect to any of its work, but when it does, think migraine, not a mere headache. With...

IRS nixes medical, personal deductions.(PERSONAL DEDUCTIONS)(Patricia R. Williams and James L. Williams filed case against United States. Internal Revenue Service)(Case overview)
September 1, 2007... Taxpayers are entitled to claim certain medical and business expenses as deductions on their federal income tax return--but only if they meet applicable requirements. NEW CASE * The IRS said an Orlando couple owed a total of $16,523 in...

Couple fails to prove reliance on expert.(FAMILY TAX ANGLES)(Carol Kierstead)(Glenn Kierstead)
September 1, 2007... Taxpayers who consult with an accountant or attorney about tax matters could still be liable for an accuracy-related penalty, unless they prove that they reasonably relied on a competent tax professional. NEW CASE * The IRS said that Glenn...

Energy bill could face stormy ride.(TAX LAWS IN THE MAKING)
September 1, 2007... House passage of the Renewable Energy and Energy Conservation Tax Act of 2007 (H.R. 2776) doesn't necessarily mean smooth sailing for the $15.2 billion in tax incentives included in the bill. In fact, President Bush has already threatened to...

Hybrid vehicle credit update.(TAX CREDITS)(Brief article)
September 1, 2007... Under current law, purchasers of qualified hybrid vehicles are entitled to the alternative motor vehicle credit of varying amounts--until the first calendar quarter after the quarter in which the manufacturer records its sale of 60,000 such...

Frivolous lawsuits burden small businesses.(MANAGING YOUR BUSINESS)
September 1, 2007... The cost and availability of liability insurance is a key problem facing small businesses--second only to health care costs, Karen Harned, executive director of the National Federation of Independent Business (NFIB) Legal Foundation, said in...

Draft revisions focus on ownership issues.(TAX PROCEDURES)
September 1, 2007... The IRS is seeking comments through September 14, 2007, on draft revisions to Form 1120, U.S. Corporation Income Tax Return, and Form 1065, U.S. Return of Partnership Income. The major changes to both forms involve issues related to ownership...

Hurricane victims get extra year to sell land.(Executive's Briefcase)(Brief article)
September 1, 2007... As the two-year anniversaries of Hurricanes Katrina, Rita and Wilma approach, the IRS announced that it would give victims one additional year to sell vacant land that they had owned and used as part of their principal residence that was...

IRS's paperless push continues.(Executive's Briefcase)(United States. Internal Revenue Service has launched electronic filing for excise tax forms)(Brief article)
September 1, 2007... Three excise tax forms have been added to a growing list of federal tax returns and schedules that can be filed electronically. "Electronic filing is a key component to modernizing our tax system," IRS Acting Commissioner Kevin M. Brown...

Corporate investment capabilities questioned.(Executive's Briefcase)(Survey)(Brief article)
September 1, 2007... Nearly 55 percent of corporate executives do not have confidence in their organizations' ability to optimize return on invested capital, according to a recent online poll from Deloitte Financial Advisory Services LLP (Deloitte FAS). Survey...

Biz taxes, global competitiveness studied.(BUSINESS TAXATION)
September 1, 2007... Treasury officials are mulling whether the United States needs to change its business tax landscape to ensure continued competitiveness in the world economy. "Maintaining the competitiveness of the U.S. economy requires that we carefully...