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Showing posts from June, 2003
Bartering is Taxable
Tax laws that apply to bartering! The IRS says that you must include in your income the fair market value of property or services you receive through bartering, at the time received. Typically, you must report his income on Schedule C or Schedule C-EZ. Because there are some gray areas in bartering, any small business owner expecting to generate significant income this way should consult with a tax lawyer. There's no sense trading services to save money if you're only going to pay penalties to Uncle Sam later.
IRS Preparing to send out Child Tax Credit Checks
The Internal Revenue Service is gearing up to mail advance payment checks to 25 million taxpayers eligible for a tax credit for their child in 2003. The payments will be mailed out starting July 25 and are part of the Jobs and Growth Tax Relief Reconciliation Act of 2003, signed by President Bush last month, according to the IRS. Who qualifies for the credit? The IRS and U.S. Department of the Treasury are figuring that out right now.
IRS Shuts-Down "National Trust Services" Scheme
FOR IMMEDIATE RELEASE
TAX
TUESDAY, JUNE 3, 2003
(202) 514-2007
WWW.USDOJ.GOV
TDD (202) 514-1888

CALIFORNIA FEDERAL COURT BARS NATIONWIDE TAX SCHEME

Justice Department Alleged Roderick Prescott sold hundreds of sham
trusts

WASHINGTON, D.C. - A federal court in San Diego yesterday
permanently barred Roderick Prescott and his business, Trust Educational
Services, from selling trust schemes falsely claiming that personal
expenses incurred by customers can be paid through a trust in order to
obtain tax benefits not available to individuals. Prescott agreed to
the court order and is required to give the Justice Department records
showing the names of customers who attended his workshops or used his
"trust system."
"The Department of Justice is vigorously pursuing tax
schemes based on bogus trusts," said Eileen J. O'Connor, Assistant
Attorney General of the Tax Division.
Usi…
Commercial Real Estate Tax Appeals are Increasing

The commercial real estate market has fallen in the past few years, and many corporations are looking for breaks on their property taxes. Appeals of commercial property levies have nearly doubled in New Jersey, tripled in San Francisco, and jumped from less than 17,000 to about 20,000 in Dallas County, according to The Associated Press TH\he time to appeal in NJ usually ends April1, but added assessments can still be appealed. Because of the complexity of commercial Tax Appeals, good appraisals are needed.