Tax
Tax News & IRS Insights for Accounting Professionals
Accounting Today delivers news and analysis for accounting and tax professionals on federal and state tax developments, IRS guidance,information reporting, and operational implications for practices and clients. Our coverage focuses on legislative and procedural shifts that tax practitioners must monitor in planning, compliance, and advisory contexts.
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TREASURY, IRS ANNOUNCE PROPOSED COST-SHARING REGS: The U.S. Treasury Department and the Internal Revenue Service announced proposed regulations that provide further guidance to Section 482, which determines taxable income in connection with cost-sharing arrangements affecting intellectual property.The changes could mean a big difference to the bottom lines of companies in the pharmaceutical and software industries, whose main asset is their intellectual property.
September 25 -
A new set of proposed regulations from the Internal Revenue Service aims to change the way companies use accounting methods to switch profits from countries with high corporate tax to countries where corporate taxes are low.The regs - all 85 pages of them - create an ambitious regime with a number of nebulous new concepts, including an "investor model," to insure that businesses value intangibles, such as marketing, research and development, and patents, in a way that will maximize exposure to U.S. tax.
September 25 -
Despite concerns over the rising deficit, both houses of Congress sent a $6.1 billion Katrina tax-relief bill to President Bush for his signature without a dissenting vote being cast.
September 22 -
RIA, a part of the Thomson Corp. providing information and software to tax professionals, has computed the changes to next year's tax brackets, standard deductions, personal exemptions and other important tax breaks.
September 22 -
Richard Hatch, who won $1 million on the first season of the CBS reality show "Survivor," pleaded not guilty to charges that he failed to pay taxes on his winnings and other income. He was released on a $50,000 bond.
September 20 -
In response to the housing crisis as a result of Hurricane Katrina, House Financial Services chairman Michael G. Oxley, R-Ohio, and Rep. Richard Baker, R-La., said they would adjust an affordable housing fund, currently in pending legislation, in order to meet housing needs of Katrina survivors.
September 20 -
Both the House and Senate passed nearly $5 billion in tax cut bills, aimed at helping victims of Hurricane Katrina and the people who provide them shelter.
September 18