Practice Management

Massachusetts tax attorney Kevin Kilduff, who formerly worked for the IRS Office of Chief Counsel, has been barred from practicing before the IRS for 48 months for failing to file a federal tax return and filing another five returns late.

IMGCAP(1)]The accounting field may appear at first to be almost the opposite of sales. After all, you’re not trying to get a hospital to buy the latest x-ray machine. But the truth is: If you’re in business, you’re in sales. That’s the only way you can sustain and grow your accounting practice.

Under pressure from Congress, the Internal Revenue Service has once again extended its moratorium on collection enforcement actions on certain types of tax shelter penalties.

House Ways and Means Committee Chairman Charles Rangel, D-N.Y., has temporarily stepped aside as chairman of the powerful tax-writing committee amid mounting calls for his resignation.

A former CPA who now owns a medical supply company has been charged in a $7.6 million health care fraud scheme, along with three other defendants.

The Internal Revenue Service and the Securities and Exchange Commission plan to collaborate more closely to monitor and regulate the municipal bond market and industry.

The Internal Revenue Service said it has unclaimed refunds totaling more than $1.3 billion awaiting nearly 1.4 million people who did not file a federal income tax return for 2006, including over $150 million in the state of California alone.

The Internal Revenue Service has made an administrative determination to accept the position that medical residents are excepted from FICA payroll taxes based on the student exception for tax periods ending before April 1, 2005, when new IRS regulations went into effect.

New York City’s Department of Consumer Affairs has investigated nearly 800 income tax preparers in a month-long investigation and issued 2,010 charges for violations, including illegally advertising refund anticipation loans as “instant” or “rapid” refunds.

IMGCAP(1)]To gather information for law enforcement, particularly drugs and organized crime, Congress has long required U.S. persons owning or having signatory authority over foreign financial accounts to file a report with the Department of the Treasury disclosing information about the accounts.