Practice Management

The Internal Revenue Service is struggling to respond to an onslaught of tax returns filed on April 15, which is delaying acknowledgements to both federal and state returns.

The Tax & Accounting business of Thomson Reuters has acquired select assets of the TaxWorks software line from RedGear Technologies, the customers of which will be transitioned to UltraTax CS—part of the CS Professional Suite.

The Senate Finance Committee held a hearing Tuesday on moving forward with solutions to tax fraud and tax identity theft as they grappled with an expanding problem that has plagued recent tax seasons.

Helen Brand, chief executive of the Association of Chartered Certified Accountants, discusses how ACCA is working with the International Integrated Reporting Council on integrating sustainability and governance reporting with financial reporting by accountants.

A pair of Congressmen have introduced legislation that would allow the Internal Revenue Service to provide taxpayers with a tax form already containing information received from employers and banks to streamline the tax prep process.

A former Internal Revenue Service agent-turned-tax preparer has been sentenced to nearly 24 years in prison for defrauding his tax clients out of more than $11 million and then hiring a hit man to kill them to prevent them from testifying about the theft.

Since the Tax Reform Act of 1986 few closely held businesses have been structured as C corporations.

The state tax sites of Colorado, Illinois, Pennsylvania, Utah and Virginia are the easiest for taxpayers to use in terms of transparency, according to evaluations by the Tax Foundation.

Small businesses are more likely to comply with the tax laws if they are in certain comunities of the country and if they have more trust in their tax preparer, according to a report by the Taxpayer Advocate Service.

The Internal Revenue Service said Monday that it would provide tax penalty relief to anyone unable to file on time due to severe storms in parts of the South and Midwest over the past few days.