Practice Management

Tax-exempt organizations using the calendar year as their fiscal year must file 2013 990-series information returns and notices by Thursday, May 15, and should be careful about the information they include, the IRS warned.

The founder of a Swiss trust company that U.S. prosecutors say worked with Credit Suisse Group AG to help American clients evade taxes pleaded guilty in Virginia, increasing pressure on the bank as it tries to resolve a Justice Department criminal probe.

The U.S. House Ways and Means Committee approved $310 billion of tax breaks, as Republicans defeated Democratic objections to the plan’s budgetary costs.

CCH has published a new tax briefing examining recent federal tax developments and strategies for this past tax season, and how they may affect taxpayers in future tax seasons.

The Internal Revenue Service is modifying and clarifying the regulations under Section 367(b) of the Tax Code relating to the treatment of property used to acquire parent stock or securities in certain triangular reorganizations involving foreign corporations, colloquially referred to as the “Killer B regulations,” to close loopholes in the anti-abuse rules.

The Internal Revenue Service plans to amend the regulations for the treatment of U.S. taxpayers who own passive foreign investment company stock through tax-exempt organizations.

Prospective deals by General Electric Co. and Valeant Pharmaceuticals International Inc. show how the U.S. tax code is helping drive billion-dollar mergers and acquisitions.

The House has unanimously passed the Digital Accountability and Transparency Act, also known as the DATA Act, on Monday, following Senate passage earlier this month and sending the legislation to President Obama’s desk for his signature.

The IRS has released the 2014 update to its Allowable Living Expense Standards that apply to taxpayers who need to delay full payment of delinquent taxes.

For both consumers and corporations, the lower the income, the higher the rate of tax penalties, according to new research.