Practice Management

Volunteers who prepare tax returns for free through the IRS’s Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs prepared nearly half the returns inaccurately, according to a new report.

The First-Time Homebuyer Tax Credit program may have helped boost the sagging housing market this year, but it also seems to have encouraged a lot of fraudulent activity.

IRS Commissioner Doug Shulman told a group of board directors attending a business conference that they need to hire outside tax advisors to help with tax risks and FIN 48 compliance.

The Internal Revenue Service has inadequate controls over dishonored checks from taxpayers, putting millions of dollars at risk, according to a new report.

Nearly a dozen IRS employees took unauthorized first-class and business-class flights in the past two years that cost taxpayers over $50,000, according to a new report.

Arnold C. Libman, a licensed California CPA, has been sentenced to a year and a half in federal prison, and a year of supervised release, after he pleaded guilty to aiding and assisting in the preparation of a false income tax return.

For those who question the relationship between shortsighted tax policy and the economy, consider the possible consequences of taxing carried interest.

Tax rate brackets and various tax benefits will remain unchanged or change only slightly in 2010 due to low inflation, and many pension plan limitations will remain unchanged, according to the IRS.

The American Institute of CPAs’ CPA2Biz subsidiary has opened a new Web site to help firms grow their client accounting services practice.

The IRS had a successful filing season this year, according to a new report, despite the challenges of dealing with economic stimulus provisions passed in the midst of tax season, such as an expanded First-Time Homebuyer Credit.