Practice Management

Washington, D.C. - The Internal Revenue Service said in mid-July that it would stop its examinations of donors to tax-exempt 501(c)(4) political organizations asking whether they had paid gift taxes, after the agency came under pressure from Republican lawmakers.

The American Institute of CPAshas written a letter to the Internal Revenue Service offering to help develop the IRS exam for registered tax return preparers by leveraging the AICPA's own experience with the Uniform CPA Exam.

It looks as though the time has come for comprehensive patent reform, including the banning of tax strategy patents, if the groundswell of opposition is any type of barometer.

President Barack Obama and congressional leaders said Sunday night that they have agreed on the framework of a budget deal that both Democratic and Republican leaders plan to present to their caucuses on Monday.

Senate Majority Leader Harry Reid, D-Nev., saw his plan to raise the debt ceiling turned back Sunday afternoon by a vote of 50-49.

A group of Democratic lawmakers has introduced a bill in Congress aimed at leveling the playing field for sales tax charges between online retailers and brick-and-mortar stores.

Microsoft revealed in its 10-K annual report that its use of low-tax countries to shift some of its foreign income has subjected it to an IRS review that could have a significant impact on its financial statements.

A group of Democratic senators urged airlines to reduce their airfares and pass the savings from the temporary expiration of airline ticket taxes on to their passengers.

President Obama called on Congress to move quickly on lifting the debt ceiling Friday as the August 2 deadline rapidly approaches.

A Southern California tax preparer has pleaded guilty to tax charges, admitting that he caused a tax loss to the government of $7,982,043 for tax years 2003 to 2009 by inflating the amount of mortgage interest on his clients’ tax returns.