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Corporate taxes backdating checks

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Designated as a Tier I Issue, IRS field agents are now required to audit all transactions involving backdated stock option grants and/or backdated exercise prices.The Directive also expands the categories of options that trigger special attention to include any options that might be discounted, mis-priced, mis-dated, or in-the-money.

According to a study by Erik Lie, a finance professor at the University of Iowa, more than 2,000 companies used options backdating in some form to reward their senior executives between 19.In this paper, we estimate that corporate deductions for executive compensation have been limited by this provision, with public corporations paying, on average, an extra .5 billion per year in federal taxes. Because actual tax return data are, by statute, confidential, our estimates are somewhat imprecise, as we have to infer both the tax deductibility of executive compensation and the corporation’s tax status from public filings.They continue, however, to deduct the majority of their executive compensation, with these deductions costing the U. Our key findings are: Section 162 of the Internal Revenue Code covers trade and business expenses.In most cases, the funds will appear in the employee's account 2 banking days after the payroll is processed.Since tax agencies calculate payments based on the check date, not the pay period date, late paychecks will often result in a late payment to state or federal agencies.In contrast to much of the debate today on the need of the federal government to raise tax revenue, the primary goal of Section 162(m), which limited tax deductions for executive compensation, was not to raise revenue but to reduce excessive, non-performance-based compensation—in other words, to do something about excessive compensation that 1992 presidential candidate William Jefferson Clinton campaigned against.