Tax Strategies

The U.S. Tax Court announced that Judge John O. Colvin has taken over as chief judge of the U.S. Tax Court as of June 1.

In an effort to encourage savings and more banking, the Internal Revenue Service is creating a program to allow taxpayers who use direct deposit to divide their refunds among as many as three financial accounts.

The Treasury Department and Internal Revenue Service issued final regulations for Section 199 of the tax code, which relates to domestic manufacturing deductions.

The Internal Revenue Service announced a major milestone in its corporate e-file program -- the successful e-filing of the nation's largest tax return from General Electric Corp. on May 18.

The Heroes Earned Retirement Opportunities Act has passed through Congress and is expected to be signed into law by President Bush. The bill would allow excluded combat pay to be treated as compensation under IRA contribution rules.

The founder of Colorado-based Octane International Ltd., a corporation whose primary business was raising money for the development of an alternative fuel additive called "vapor phase combustion," is facing indictment by a federal grand jury.

The Internal Revenue Service announced regulatory revisions that the agency hopes will remove impediments to e-file for corporations and shareholders.

Taxpayers will be able to apply for a refund of the federal excise tax on long-distance telephone service for the past three years.

The U.S. Department of the Treasury announced two initiatives aimed at simplifying the way small businesses, individual taxpayers and tax preparers file and pay their federal taxes.

We are all creatures of habit, comfortable doing things the way we always have. It worked before so it must be the best way. That may be true, but if you explore a little you might find another way of doing things. If it tests successfully, then you will at least have an alternative, and maybe even a better and more efficient way. Let's look at three examples with regard to attracting new clients.