Irs briefing

February 2005
Practical Accountant;Feb2005, Vol. 38 Issue 2, p14
Trade Publication
The article presents news related to the taxation in the U.S. According a snippet, quickly enacted legislation in the U.S. allows taxpayers to deduct in 2004, charitable contributions of cash made in January 2005 for the relief of victims of the December 26, 2004. According to another snippet, in IR-2004-155, the U.S. Internal Revenue Service has issued letters to approximately 1,700 businesses and retirement plan sponsors alerting them to new income and excise taxes applicable to S Corporation employee stock ownership plans and warning of the consequences of participating in abusive schemes involving ESOPs and S Corporations.


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