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MUTUAL FUND CAPITAL GAINS TO BE TAXED AT LOWER RATES: The Internal Revenue Service and the Treasury Department have clarified that capital gain dividends received from a mutual fund in 2004 will be taxed at the new, lower capital gain rates enacted last year.
June 6 -
New York — A federal judge has granted an Internal Revenue Service petition to enforce nine summonses against Big Four firm KPMG LLP, ordering it to disclose the identity of participants in tax shelters promoted by the firm. The ruling by the District Court for the District of Columbia also ordered KPMG to turn over documents related to the shelters.
June 6 -
by George G. Jones and Mark A. Luscombe
June 6 -
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PWC TAPS STAMM TO LEAD U.S. TAX PRACTICE: PricewaterhouseCoopers has named J. Richard (Rick) Stamm to lead the firm’s U.S. tax practice, succeeding Rick Berry, who will retire in June. Stamm will assume the post on July 1. He will work closely with Berry through a transition period between now and the end of June.
May 16 -
The ranking minority member of the Senate Finance Committee projected that, at that level, the IRS would raise a minimum of $100 billion in additional revenues on an annual basis. Currently, the voluntary compliance rate is roughly 85 percent.
May 16 -
Health saving accounts have been slow to catch on. Despite glowing praise from administration officials, and even the president on several occasions, HSAs have been under-subscribed.
May 16 -
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IRS TO CHALLENGE CERTAIN S CORP AND EXEMPT ENTITY TRANSACTIONS: The Internal Revenue Service said that it intends to challenge certain transactions involving S corporations and tax-exempt entities, such as charities, that improperly shift taxation away from S corporation shareholders. In Notice 2004-30, the IRS declared that these abusive transactions are considered “listed transactions.” Participants in a listed transaction must disclose their participation, and promoters must keep lists of investors and, in certain cases, register the transactions with the IRS.
May 2