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These new rules have had a dramatic effect on tax departments in professional service firms and their clients.
Reinforcing this change in expectation of the tax function was a Tax Council Policy Institute (TCPI) survey of tax directors, in which 83% of the respondents stated that "avoiding a financial statement error" was among their most important priorities; see TCPI 7th Annual Tax Policy and Practice Symposium, "The Corporate Tax Practice in the Age of Transparency: A Path Forward," 84 Taxes 33 (June 2006).
Still, few if any Democrats seem willing to bet much on that evidence that the tax revolt is ending.
Expeditiously negotiate and implement a new provision in the Income Tax Convention with the United States eliminating withholding on all dividends and interest for payments to both related and unrelated parties.
If the client itemizes deductions, paying down a loan with deductible interest provides a risk-free rate of return effectively equal to the loan's interest rate minus the marginal rate of tax savings forgone.
A copy of the FTB's Package X will make tax season a little easier.
Those extra tax benefits are one reason more middle-income families have a higher chance of owing the AMT this year.
The Tobin Tax Initiative and ATTAC burgeoned in numbers (ATTAC now has tens of thousands of members worldwide, and is always a prominent participant in high-profile protests against globalization, such as the recent demonstrations in Barcelona, Spain).
One measure of the individual tax code's complexity is the declining percentage of taxpayers who feel confident enough to fill out their own returns.
Recognizing the monumental role that historic tax credits have played in encouraging community redevelopment and preserving our nation's historic structures, and noting the success of the federal program, several states have adopted new legislation establishing State Historic Rehabilitation Tax Credits.
For younger people," she notes, "the central tax is not income tax, it is FICA, which looms on their paycheck stubs like a Tyrannosaurus rex.
The long-term capital gains tax rate has been lowered, the tax-free profit allowed from the sale of a home has been increased and students can now offset their educational expenses with an annual tax credit.
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.