Practice Management

The Internal Revenue Service mails lien notices to taxpayers in a timely manner as required by law, but does not always follow its own regulations for notifying taxpayer representatives and processing undelivered lien notices, according to a new report.

Congressional Democrats on the House Ways and Means Committee have introduced a pair of bills to extend the production tax credit for wind energy manufacturers through the end of 2013 and provide a 10 percent income tax credit for employer payroll increases this year.

Only 26 percent of small businesses actually employ full-time or part-time accounting and/or legal help, according to a new survey, even though 64 percent of small business owners say that legal issues should be handled by professionals.

A new Web site called the Accounting Practice Exchange aims to help accountants and tax preparers sell their practices.

The Supreme Court has upheld the Patient Protection and Affordable Care Act.

On the eve of the Supreme Court’s decision on the constitutionality of the Affordable Care Act, a new report on the Internal Revenue Service’s readiness to handle some specific aspects of the law has been released.

National Taxpayer Advocate Nina E. Olson has identified the priority issues the Taxpayer Advocate Service will focus on during the upcoming fiscal year.

The Federal Housing Administration insured over $1.44 billion in mortgages for 6,327 borrowers with $77.6 million in federal tax debt who benefited from the 2009 American Recovery and Reinvestment Act. Of these borrowers, 3,815 individuals claimed and received $27.4 million of First-Time Homebuyer Credits from the Recovery Act.

Sen. John McCain, R-Ariz., has a novel idea. Instead of allowing $500 billion of cuts in the defense budget to go forward as part of last year’s deficit reduction deal, he wants to use money saved from closing tax loopholes.

The Internal Revenue Service said Tuesday that its Offshore Voluntary Disclosure Programs have exceeded the $5 billion mark and released new details on the latest iteration of the Offshore Voluntary Disclosure Program that began in January, including tightening the eligibility requirements.