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Despite new tax regulations expected in 2005 and new tax regulations implemented in the past few years to protect against tax avoidance and tax evasion, tax planning for business still involves looking at where the tax dollars can be pared. Tax planning for businesses today involves good tax planning to take advantage of the remaining legal tax deferment methods and taking advantage of the tax laws where possible. 5 References. jvTaxPln.rtf
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for business still involves looking at where the tax dollars can be pared. Tax planning for businesses today involves good tax planning to take advantage of the remaining legal tax
deferment methods and taking advantage of the tax laws where possible. The question of what is legal and what is legal is not
new. The problem is in enforcing it, which cannot be done under the current tax codes, both in the United States and internationally. The renewal of the question for U.S.
businesses, according to Russell (2004) derives from the Bush Administrations promise to close loopholes and curb abuse by simplifying the tax code as well as streamlining Internal Revenue Service procedure
by introducing new legislation in 2005. The new legislation will not sanction certain tax evasion and avoidance practices that business owners can use to avoid taxes. "Curbing the use of
abusive tax avoidance transactions by corporations and individuals is our top enforcement priority," IRS Commissioner Mark W. Everson said. "Stiffer penalties for failing to comply with the rules on the
promotion of abusive transactions will get the attention of promoters, attorneys, accountants and other advisors." (Russell, 2004, 10). The student may note that
Planko (2003) states that the reason there is such a strong movement to close loopholes is that Bush is deleting the largest tax shelter ever in existence, real estate. By
deleting real estate taxes altogether, the taxes must come from other sources. This means substantially raising taxes in such areas as sales and employment. The other means of getting tax
funds after reducing real estate taxes is by cutting off abuse loopholes, which include both tax evasion and tax avoidance, both of which are illegal, but at the moment,
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