The Internal Revenue Service has released final regulations to amend the definition of research and experimental expenditures, providing guidance for taxpayers engaged in research activities on the treatment of amounts paid or incurred in connection with the development of tangible property, including pilot models.
A tax preparer and bookkeeper in Southern California was sentenced to 36 months in prison for using the stolen identities of her relatives and former clients to file fraudulent tax returns with the Internal Revenue Service.
Lawmakers who are part of a group of current and former CPAs and accountants in Congress are expressing concern about the possibility of the Securities and Exchange Commission allowing U.S. companies a choice of using either U.S. GAAP or International Financial Reporting Standards.
Edward Snowden, the former National Security Agency contractor who blew the whistle on the secret surveillance activities being carried out by the federal government, is warning accountants and other professionals to be concerned about the privacy of their communications.
Congress is planning a hearing next week on the integrity of the Affordable Care Act’s Premium Tax Credit program as the Internal Revenue Service is cautioning taxpayers to make sure they are receiving the appropriate level of tax credits to help them pay for health insurance.
The Internal Revenue Service has issued final regulations to provide guidance on the allocation and apportionment of interest expense by corporations that own a 10 percent or greater interest in a partnership, along with the allocation and apportionment of interest expense using the fair market value method.