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Greetings Website Guest! Below is your customized newsletter for January 25, 2007.
IRS Begins Busy Season Amid Changes

IRS Begins Busy Season Amid Changes


The 2007 Internal Revenue Service (IRS) season promises to be a busy one, with a new refund deposit feature, the telephone excise tax refunds and the recently enacted tax breaks that will require extra attention from tax preparers. Read more...



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AICPA in Favor of Closing the Tax Gap

AICPA in Favor of Closing the Tax Gap

 

The American Institute of Certified Public Accountants (AICPA) is supporting efforts of the Senate Finance Committee to close the tax gap to capture billions of dollars in lost revenue. According to an Internal Revenue Service (IRS) study of 2001 returns, the government is failing to collect $290 billion of tax revenue that is due each year The AICPA, in on Taxation a letter to the Joint Committee said it supports the committee’s efforts “to identify constructive ways to close the tax gap.”



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Happy With Your Work/Life Balance?

Happy With Your Work/Life Balance?

 

Months of extensive surveys have resulted in a surprising finding, only seven-percent of executives and administrators were happy with the balance between their home and work situations and felt no need of any change. When the question was asked, "In order to achieve more happiness in work and life, what do you most need to learn?", 63-percent of respondents replied that they were battling stress and did not have enough time during the day to accomplish everything and that their work/home life was out of balance.



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Is your company prepared for litigation that may involve producing electronic documents, such as instant messages and work-related e-mail messages that may be stored on an employee's home computer? New federal rules that took effect last month require businesses to pay greater attention to electronically stored information. Yet many firms are ill-prepared to meet the new requirements. Click "Full Article" to learn how to comply with the rules and avoid sanctions.
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Some people don't consider designating their grandchildren as beneficiaries of their retirement accounts because they don't want to pay the generation-skipping transfer tax. Fortunately, this tax may not apply and your family can still benefit from leaving IRA money to grandchildren in certain circumstances. Here are the details.
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Is your company interested in sponsoring out-of-town trips for employees? The value of these get-togethers can be considered a "working condition fringe benefit" that is deductible by the company and excludable from employees' income. But the rules involved in tax-advantaged trips are strict and the IRS often challenges them. But with the right activities and documentation, companies can prevail - as this court case illustrates.
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Before finalizing a divorce, it's critical to consult with your tax pro to make sure that you don't get hit with an unexpected bill from Uncle Sam. Here are some tax traps that a divorcing couple can fall into involving alimony, tax exemptions for the children, retirement savings and college costs.
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Britain-Iceland Talks On Frozen Funds Begin
javno.com - Sat, 11 Oct 2008 12:38:19 GMT

 U.S. works on bank plan, IMF warns of further mkt fall
news.yahoo.com - Sat, 11 Oct 2008 12:26:45 GMT

 Revenge of the Wii, Part 2
ecommercetimes.com - Sat, 11 Oct 2008 12:24:07 GMT

 GM, Chrysler said to hold merger talks
cnn.com - Sat, 11 Oct 2008 11:29:24 GMT

 Deposits in banks safe; no reason for anxiety: RBI Governor
rediff.com - Sat, 11 Oct 2008 11:22:56 GMT
 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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