Courtesy of Tax Analysts

IRS Seeks 'Limited' Information From Companies to Identify Tax Cheats

According to an IRS statement the summonses would allow the IRS to obtain "limited information" from merchants who sold goods and services to offshore credit card holders. The IRS added that these companies may have information in their records as a result of everyday business transactions that will identify the individuals in question.

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House Preps Investor Relief Tax Bill

The base of the bill would include two proposals worth $67.9 billion over 10 years that the committee cleared on October 8. The measures would increase the current $3,000 limit on capital losses to $8,250, increase the minimum age requirement for withdrawals on pension plans from 70-1/2 to 75 years, and accelerate the contribution limits for 401(k) retirement plans and the scheduled increase of the limit on elective deferrals.

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Published TaxMama.com 10.18.02 ~ Courtesy Tax Analysts