Practice Management

FedEx said the IRS’s audit team has decided not to assess federal employment taxes on FedEx Ground’s home delivery drivers, whom the company considers to be independent contractors.

Electronic tax filing set a new record this year, with 95 million individual federal income tax returns e-filed, up nearly 6 percent from last year’s total of nearly 90 million.

LOUISVILLE, KY.

PARENTEBEARD DEBUTS

Well, that's a big mistake.

TIGTA: IRS MOSTLY ACCURATE ON RECOVERY REBATE

In recent months, the IRS has taken a more serious look at the long-talked-about idea of professional tax preparer registration.

During the downturn, many practitioners have found it necessary to brush up on the loss-deduction rules. When the economy is humming, an overabundance of income is usually available to offset any loss that might surface. When times get tough, however, a variety of loss-limiting rules under the Tax Code suddenly demand some attention. The "basket" approach to figuring out what loss can offset what income can be useful under these circumstances, especially as year-to-year tax planning may be available to offset the offsets.

IRS DROPS ACORN

The Treasury Inspector General for Tax Administration has concluded that cost overruns and schedule delays with the Internal Revenue Service’s Business Systems Modernization Program have increased during 2009.