Practice Management

The Tax Code has contributed to rising income inequality in recent decades as middle- and lower-income Americans have seen their incomes stagnate while the wealthiest have experienced staggering income growth, according to a new report.

Sen. Chuck Grassley, R-Iowa, a member of the Senate Finance Committee, is questioning the Internal Revenue Service and the Treasury Department about why they are taking so long to process and pay tax whistleblower rewards.

U.K.-based cloud accounting software maker FreeAgent is making its foray into the U.S. market with the purchase of Lightbank-backed financial forecasting software firm 60mo, whose team will be incorporated into FreeAgent’s new American division, FreeAgent Inc.

A group representing private equity firms is asking the Internal Revenue Service and the Treasury Department to streamline the process for following the requirements Foreign Account Tax Compliance Act and allow them flexibility in case an investor proves to be recalcitrant in providing information.

The Internal Revenue Service identified 279,500 tax-exempt organizations that did not file a return or notice for three consecutive years, but it potentially did not identify more than 15,000 organizations that failed to file for three consecutive years, according to a new government report.

CompuPay is moving into the human resources arena by merging with employee benefits services provider BenefitMall.

There are opportunities for the Internal Revenue Service to cut the costs of fingerprinting at lockbox bank locations, according to a new government report.

The Internal Revenue Service and the Treasury Department have decided to delay for a year the proposed effective date for basis reporting by brokers for debt instruments and options.

The upcoming expiration of the Bush-era tax rates at the end of the year is already starting to produce its share of anxiety along with outsize forecasts of financial disruption.

Private equity firm managers anticipate a greater number of acquisition deals for the rest of this year, in a dramatic turnaround from their sentiments last November.