Tax Strategies

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.

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.

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.

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.

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.

The Government Accountability Office released a comprehensive overview of the tax reform debate.

Moving on from its recent legal troubles, KPMG named vice chairs for its tax services and tax services operations.

Although Congress has authorized tens of billions of dollars in tax breaks to help American families cope with rising college costs, millions of taxpayers are failing to cash in on this government assistance.

The Internal Revenue Service said victims of Hurricane Katrina will have until Jan. 3, 2006 to file any returns, pay any taxes, or make any deposits due -- extending an earlier announced reprieve.

The heads of the President's Advisory Panel on Federal Tax Reform announced that both of the panel's meetings scheduled for September will be postponed indefinitely.