Documenting business expenses: it's up to you
New regulations require complete and accurate records for business expense deductions. The regulations require accurate documentation of: dollar amounts; time and place of business travel or entertainment; date and description of business gifts; and business relation to guests. Dollar amounts for travel expenses require receipts and can be documented separately or on a daily basis by groupings. Mileage and meals can be documented separately or taxpayers can reduce their record keeping by using Internal Revenue Service allowed standard amounts. Most business gifts are limited to $25 per donee per year, and the exact business relation with the donee must be documented. Acceptable types of documentation include: annual credit card charge summaries; tape recordings supported by receipts; and representative samplings for listed property.
Publication Name: Business
Indiana to collect corporate taxes electronically
The Indiana Department of Revenue has begun its new computer system of automatically debiting corporate accounts for state tax. Only certain types of corporate tax are debited, and access to corporations' entire accounts is prohibited. It is the first system of its kind in the country. The Revenue Department works through two state banks and the Automated Clearing House. Most Indiana corporate treasurers are reported to be pleased with the system. The 26% who object have extremely sophisticated computer operations. Their objections are not to electronic payment, but to the state's ability to tap into their accounts.
Publication Name: Cashflow Magazine
The revenue tax: a real tax reform
A revenue tax system is proposed that would eliminate periodic income reporting by U.S. corporations. The proposed revenue tax would apply to interest, sales, capital gains, and dividends, with an equal percentage. It is claimed that the proposed revenue tax system would eliminate tax evasion and reduce tax preparation expenses by making W-4, W-2, 1099, and similar forms unnecessary.
Publication Name: FE: the Magazine for Financial Executives
- Abstracts: The Lehigh Valley business-education partnership shows how to cooperate for results. Cisco workers charged with fraud in stock-option scam
- Abstracts: Topping up your pension plan. Tax aspects to consider upon job termination. Election daze
- Abstracts: Allocating the tobacco money. Capital Corporation. Universal Corporation
- Abstracts: The Credit Internship. Credit and collections: ten rules for effective management
- Abstracts: Taking the Business/Industrial Message to the Streets. ISK Biotech serves an appetizing message