Moreover, this past July, the Financial Accounting Standards Board (FASB) issued an Exposure Draft under FASB 109 with regard to the valuation of certain tax positions; the draft is intended to set forth consistent standards when evaluating the recognition of tax benefits and the reversal of previously booked items.
Admittedly, tax law has areas that are unclear and difficult to interpret, and in some cases the outcome of a given structure or position may not be entirely clear, even where there is enough support in the law to justify its legitimacy.
This year, the slakes are even higher thanks to the passage of the federal Jobs and Growth Tax
Relief Reconciliation Act of 2003 (JGTRRA), the third largest tax
cut in U.
The many currency crises of the 1990s gave the Tobin tax
new political momentum.
Comparing the per capita tax
burden to expenditures on goods and services shows that Americans are spending more money per capita in 2000 on taxes
($10,447) than on food ($2,713), clothing ($1,436), and shelter ($5,913) combined (see Figure 3).
For the uninitiated, the Federal Historic Rehabilitation Tax
Credit is a dollar-for-dollar reduction of federal income tax
liability, and is calculated as a percentage, 20 percent or 10 percent, of the eligible rehabilitation expenditures for either certified historic buildings, or non-historic, non-residential buildings constructed before 1936.
A Gallup poll showed that only 5 million of the 34 million people subject to the tax
were saving to make their annual payment in March 1943.
Starting mostly next year, a series of tax
cuts will take effect under the Taxpayer Relief Act of 1997 that will benefit parents, investors, students, home-sellers, home businesses and the self-employed.
The new international tax
optimizer ensures a lowest-cost repatriation plan by considering the multi-year impact of uncovered foreign income tax
, foreign withholding tax
, and U.
Thirty years ago, a small band of conservatives understood that what they called the era of "tax
and spend"--in which government grew inexorably on a tide of invisible tax
increases through Republican and Democratic administrations--was ready to be challenged.
Executives Institute is the preeminent association of business tax
123 must establish an opening pool of excess tax
benefits for all awards granted after December 15, 1994, "as if" the company had been accounting for stock options under this statement all along.
As you meet with clients, research what's new in the tax
codes and update your software to provide the best service you can, spring ahead and confidently meet the only season that's never late or early--tax
Because the kiddie tax
is imposed only on unearned income in excess of $1,700, unearned income below that threshold is taxed
at the child's rate.
At about the same time, the AICPA established a committee of practitioners and academics to craft a Model Tax
Curriculum (MTC) for undergraduate, masters and MBA programs.