Tax practice

Some Tax Professionals to Send Returns to Different IRS Centers Than Last Year: The Internal Revenue Service is urging tax professionals to be aware of changes that will affect where they send tax returns and payments for clients in 10 states starting in 2004. The changes are a result of redistributing the workload among the 10 IRS processing centers to provide better service.

by George G. Jones and Mark A. Luscombe

by Roger Russell

Hurricane Isabel Victims Get Tax Relief: The Internal Revenue Service is providing special tax relief for residents in the Presidential Disaster Areas that were struck by Hurricane Isabel.

by George G. Jones and Mark A. Luscombe

by Roger Russell

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