Tax

Putting to rest rumors that he would replace John W. Snow as Treasury Secretary, President Bush has reportedly asked Snow to remain in his cabinet.

President Bush this week signed into law a less intrusive version of a sweeping $388 billion legislative package that covers the spending of early every federal agency.

Publisher Tax Analysts has tapped former Treasury official Pamela F. Olson and former Internal Revenue Service director Larry Langdon for seats on its board.

The Internal Revenue Service has issued final instructions for Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More.

As White House administration officials hint that Treasury Secretary John W. Snow will depart his post sooner rather than later, media reports are already swirling about who will be his successor.

Interest rates for calculating the amount owed on refunds and deficiencies will remain unchanged for the calendar quarter beginning Jan. 1, 2005, the Internal Revenue Service said.

A mid-level House aide reportedly said that he was the one who added the controversial provision in last month's spending bill that would have given staffers on the House and Senate Appropriations Committees access to Americans' tax returns.

The Internal Revenue Service will increase the minimum threshold for Federal Unemployment Tax Act deposits, a move that will impact more than 4 million small businesses.

Senate Finance Committee chairm Chuck Grassley and ranking member Max Baucus called for an independent investigation of the Internal Revenue Service's Offer in Compromise program by the Government Accountability Office.

Improving taxpayer service, enhancing enforcement of the tax law, and modernizing the Internal Revenue Service through its people, processes and technology should be the tax administration's top priorities for 2005, according to the American Institute of CPAs.