News
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IRS Could Begin Taxing Bitcoin and Other Virtual Currencies
The Internal Revenue Service plans to develop more guidance and training materials to inform taxpayers and tax preparers of the tax compliance risks associated with using virtual currencies like Bitcoin and “Linden dollars.” Read more »
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Tax Tools
Bill Would Let EAs Promote Themselves Everywhere
Sen. Rob Portman, R-Ohio, and Rep. Charles Boustany, R-La., have introduced legislation aimed at allowing Enrolled Agents to present themselves as such and tout their credential wherever they practice. Read more »
Progress Made on Review of ITIN Applications
The Internal Revenue Service has taken steps to correct problems with its oversight of applications for Individual Taxpayer Identification Numbers, or ITINs, but more improvements in the program are still needed, according to a new government report. Read more »
Congress Probes IRS Seizure of Medical Records
Leaders of the House Energy and Commerce Committee have sent a letter to Internal Revenue Service acting chief Daniel Werfel requesting information about a March 2011 IRS search and seizure of as many as 60 million medical records from a California health care provider. Read more »
Tanning Tax Regulations Finalized (for Now)
The Internal Revenue Service has finalized the regulations for the 10 percent excise tax on indoor tanning services that was included as part of the health care reform law. Read more »
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Congressman Proposes Replacing Income Tax with Consumption Tax
Congressman Chaka Fattah, D-Pa., a senior member of the House Appropriations Committee, has introduced legislation that would direct the Treasury Department to issue a legislative proposal to Congress concerning the viability of replacing the current income tax with a consumption tax. Read more »
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New Tax Webinars and Resources for Small Biz Announced
In honor of Small Business Week, the IRS is offering two webinars for small-business owners. Read more »
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Congress Considers Cracking Down on Corporate Profit Shifting and Tax Haven Abuse
The House Ways and Means Committee held a hearing Thursday to examine corporate tax reform and the impact of offshore tax havens on base erosion and profit shifting by multinationals. Read more »
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IRS Firings for Employee Misconduct Reach 11-Year Low
The Internal Revenue Service, under a congressional microscope for conference spending and improper scrutiny of small-government groups, has fired fewer workers for misconduct this year than at any time since 2002. Read more »
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Tax News
TIGTA: Service Needs Better Controls over Partial Payment Agreements
The Internal Revenue Service is not always properly monitoring or establishing the partial payment installment agreements it enters into with taxpayers, according to a new government report. Read more »
Insights
Search Accounting Today
Protecting Clients from Tax-Related Identity Theft
May 31, 2013
Tax-related identity theft is a continuing problem, with the National Tax Advocate reporting that the use of stolen Social Security numbers to collect fraudulent tax refunds increased more than 78 percent from 2011 to 2012, affecting nearly 450,000 individuals. Experian's ProtectMyID service offered the following advice for ways that taxpayers can protect themselves. A trustworthy tax preparer is an important part of the solution.
Tax Season by the Numbers
May 22, 2013
The IRS recently released statistics covering the year to May 10, 2013
The Art of the Tax Cartoon
April 9, 2013
A selection of tax cartoons from Philly tax firm Drucker & Scaccetti's 'Finding Humor in Taxes' exhibit
Tax Quiz: Bonus Round
April 5, 2013
One last chance to test your tax knowledge with these final questions from the experts at the National Association of Tax Professionals.
Tax Quiz: Round One
March 11, 2013
Test your tax knowledge with these questions from the experts at the National Association of Tax Professionals.
Strangest Tax Laws
March 5, 2013
State lawmakers can certainly think of some strange tax laws. The Tax & Accounting business of Thomson Reuters recently produced its annual list of "quirky" sales and use tax laws from the past year.
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