Master Sarbanes-Oxley standards and other practice pointers |
Clients and businesses who are public companies or those who might become public companies—or even those who might simply need a bank loan—could fall under the standards created by the Sarbanes-Oxley legislation. While not a tax law, Sarbanes-Oxley does have implications about which tax professionals should be aware. For example, loans to executives, split-dollar insurance arrangements and stock options are tax issues that can be affected by this law, among others. Learn the ins and outs of this law from in a recent edition of CCH’s CPE Credit Service. In addition, in this issue you’ll learn how to:
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Best advise clients on how to deal with retirement plan assets during a divorce to avoid undesired tax consequences;
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Properly calculate vehicle depreciation for 2004;
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Understand the latest rulings on deductibility of long-term care insurance;
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Determine if the sale of a home is under unforeseen circumstances allowing it to qualify under the capital gains rules—even if the owner occupied it less than two years; and
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Use the disabled access credit for small businesses.
Read a full copy of this insightful 48-page issue of the CPE Credit Service. |
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Federal Tax Audio Advisor
U.S. Master Auditing Guide
Retirement Plan Benefits and QDROs in Divorce |
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The nation’s leading state taxation practitioners, along with some high-ranking state officials, debated the hottest issues in state tax recently at CCH’s State Tax Advisory Board meeting. The results of that discussion serve as a road map to the future of state tax controversies. CCH’s State Tax Review brings this elite group together twice a year. Their recent meeting focused heavily on tax shelter enforcement issues and how information exchanges between the states will be played out. Will information be freely passed around about taxpayers who use aggressive tax planning? Should taxpayers be careful about what they tell one state about their tax planning in other states? |
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Could the IRS efforts on tax shelters, particularly the harsh settlement terms offered to taxpayers who participated in “Son of Boss” transactions, lead to future non-compliance and a wave of litigation? Noted tax controversy practitioner and commentator, Charles P. Rettig, asks this question in an analysis of this recent IRS action in the latest issue of the Journal of Tax Practice and Procedure. With no economic benefit for taxpayers who settle, in most instances, Rettig argues that the initiative may actually encourage litigation and create inefficient tax administration in this instance. |
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When a taxpayer dies, there are many considerations to ponder when filing the final tax return. In some instances, a return isn’t even necessary if the taxpayer fell below certain income thresholds in their last year. But for most circumstances, it is a must to file that final return. Executors or surviving spouses will often need help in making that last return possible. You might need to examine past returns to help seek out sources of income such as investments, bank accounts, insurance policies and other items that the survivors or executor may not know about. If the deceased was married, the usual calculations and determinations about filing jointly versus separate filing will still be a consideration as well. CCH’s tax editors have prepared a thorough discussion of what happens in these circumstances in “Decedent's Last Return—What to Do About the Decedent’s Return and Tax” in the latest edition of Federal Income Taxes of Decedents, Estates and Trusts. |
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More and more people are working from their homes. Telecommuters, small business owners, budding entrepreneurs and many others use at least a portion of their home for conducting business. Under such circumstances, it would seem right to be able to deduct some of the expenses for that home from taxes as a business expense. But the IRS has strict rules for making such deductions, and CCH’s tax editors note those rules are intended to keep taxpayers from deducting home office expenses in many instances. Properly using the home office deductions requires answering a series of questions and then furthering examining the answers to those questions to make sure the home office falls into the narrow definitions set by the IRS. CCH’s tax experts have prepared a detailed look at those questions and considerations in the latest edition of the CCH Guide to Car, Travel & Entertainment and Home Office Deductions. |
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