Practice Management

The Internal Revenue Service correctly calculated the recovery rebate credit on the vast majority of tax returns it processed this year, but it still missed out on tens of millions of dollars.

A retired Boeing sales manager is the latest UBS client to plead guilty to filing a false tax return after the Swiss bank agreed to disclose the identities of some of its U.S. clients.

A husband and wife who owned and operated hair salons in Southern California were sentenced to prison for failing to pay payroll taxes.

Accounting firms Parente Randolph and Beard Miller Co. have officially become ParenteBeard.

Camico is expanding the range of insurance options it is offering to members of the California Society of CPAs.

The Senate Finance Committee wrapped up its grueling work on the health care reform bill late Thursday evening after turning back a tax-related amendment.

The IRS’s paid informant program yielded 476 tips last fiscal year about 1,246 tax evaders after Congress substantially revamped the program in 2006.

The Internal Revenue Service is spending millions in interest on tax refunds that have been improperly frozen, according to a new report by the Treasury Inspector General for Tax Administration, which noted that the IRS's computer system automatically places a freeze on taxpayer refunds greater than $10 million to prevent it from automatically issuing a refund or offsetting another tax liability. The freeze is intended to alert IRS employees that a large-dollar refund, if appropriate, must be issued manually. Frozen refunds that are not manually processed in a timely manner are considered to be "improperly frozen."

The basic structure of taxing estates has not changed since 2001. The Economic Growth and Tax Relief Reconciliation Act of 2001 put into the law the gradual increase in exemption amounts and decrease in marginal rates that we are still working with today. It also put in place the elimination of the estate tax in 2010 and its return in pre-2001 form in 2011 that has made estate planning during this decade so difficult.

Taxpayers will reap little benefit next year from the indexing of many features of the Tax Code, according to CCH, which released estimated income ranges for each 2010 tax bracket.