Practice Management

A New Jersey tax preparer has pleaded guilty to willfully preparing false tax returns for his clients to secure larger tax refunds.

The Internal Revenue Service’s risk assessment process does not provide a reliable assessment of the risk of the improper payments in the IRS’s revenue funds, according to a new report.

The Internal Revenue Service said Thursday it was expanding its Voluntary Classification Settlement Program to enable more businesses to reclassify their workers as employees, as opposed to independent contractors, for future tax periods, offering them relief from their past payroll tax obligations.

The Senate has confirmed Jacob Lew as the next Secretary of the Treasury, succeeding Timothy Geithner.

The Internal Revenue Service plans to allow more of the remaining tax forms that have not been available for electronic filing yet this tax season to go through during the first week of March.

The Justice Department has won a tax shelter case involving Dow Chemical, in which the company was accused of creating approximately $1 billion in phony tax deductions in a scheme designed by Goldman Sachs and lawyers at King & Spalding.

The IRS has released Revenue Procedure 2013-21, which provides the depreciation deduction limitations for owners of passenger automobiles.

The Financial Crimes Enforcement Network, one of the Treasury Department’s lead agencies in the battle against money laundering and other crimes, has issued an advisory to financial institutions warning them to beware of tax refund fraud and identity theft, and to report such activity by filing Suspicious Activity Reports.

Private equity fund managers are beginning to be concerned that they may lose their tax break on carried interest as lawmakers in Washington again debate tax reform.

Executive appointments, new arrivals and one unannounced departure from a major tax and accounting vendor were on tap this past week, plus we're getting ready for conference season; where will you be going and why?