Practice management

Washington -- In late September, the Justice Department widened its probe of tax shelters sold by accounting firms to include second-tier firm Grant Thornton.

Begin Year-End Tax Planning Now: This year’s tax cut gives many taxpayers an opportunity to put tax dollars back into their pockets now, according to John Battaglia, a director in the Private Client Advisors Practice of Deloitte & Touche.

Washington -- The Internal Revenue Service reminds teachers that the Educator Expenses Deduction, put in place by last year’s Job Creation and Worker Assistance Act, was authorized only for 2002 and 2003. The deduction is available to eligible educators in public or private elementary or secondary schools. To be eligible, a person must work at least 900 hours during a school year as a teacher, instructor, counselor, principal or aide.

by George G. Jones and Mark A. Luscombe

by Roger Russell

IRS Sees Increased Fraud in Automotive Sales Industry: Scams and fraud in the automotive sales industry have increased over the past three years, according to the Internal Revenue Service.

by George G. Jones and Mark A. Luscombe

by David M. Fogel and Robert R. Rubin

EITC Certification Pilot Set To Launch: The Internal Revenue Service will launch the Earned Income Tax Credit certification pilot program in early 2004.

Washingtom, D.C. - New golden parachute regulations, issued in conjunction with a revenue procedure for valuing stock options that are treated as golden parachute payments, revise an earlier valuation method for stock options, according to the Internal Revenue Service.

by George G. Jones and Mark A. Luscombe

by Roger Russell

Sacramento, Calif. - California and federal tax authorities pledged to root out abusive tax shelters as part of a nationwide crackdown on the schemes, which have cost both local and federal governments billions of dollars.

by George G. Jones and Mark A. Luscombe

by Roger Russell

Tax Pros Oppose Deadline Change: The proposed change in the due date for electronically filed returns to April 30 is bad tax administration and tax policy, according to preparers of most of the professionally prepared returns in the United States.

Top Bush Official says Fix Tax Code to Avoid Europe Trade War: The Bush administration sent its big guns to Congress in July to urge legislators to fix part of the tax code to avoid a U.S.-European Union trade war.

by George G. Jones and Mark A. Luscombe

by Roger Russell

Treasury, IRS Whack “Son of Boss:” The Treasury Department and the Internal Revenue Service have issued regulations designed to take out a tax shelter commonly known as “Son of Boss.”