Practice Management

Motor sports promoter International Speedway Corp. will get back $97 million of the $118 million it deposited with the IRS as part of a tax dispute, plus another $14 million in interest.

Amid complaints and confusion, the IRS is temporarily suspending a new reporting requirement for foreign bank accounts that would have extended the mandate to people who are not citizens or residents of the U.S.

The former chief executive of the investment company Quellos, along with two attorneys, have been indicted in a tax fraud and kickback scheme.

House Ways and Means Oversight Subcommittee Chairman John Lewis, D-Ga., criticized the IRS’s handling of taxpayer phone calls at a hearing that reviewed IRS operations and budget proposals, with IRS Commissioner Douglas Shulman in attendance.

The IRS has filed a tax lien of $819,848 on the 2004 presidential campaign of Sen. John Kerry, D-Mass., but his office claims the debt has long been paid.

Former BDO Seidman vice chairman Charles W. Bee Jr., has pleaded guilty to tax fraud charges stemming from tax shelters marketed to the firm’s wealthy clients.

IRS Commissioner Doug Shulman intends to propose a comprehensive set of recommendations by the end of 2009 to ensure “uniform and high ethical standards of conduct for tax preparers” in order to increase taxpayer compliance.

Intuit has signed a deal to acquire online payroll service PayCycle for approximately $170 million in cash, boosting the accounting and tax software vendor’s presence in the payroll business.

IRS Commissioner Douglas Shulman laid out the Obama administration’s plans for cracking down on offshore tax evasion, including extending the statute of limitations.

The new administration released its budget and included its revenue proposals, detailed by the Treasury Department in the "Greenbook." There is quite a bit of material, so I want to focus on the proposals that didn't happen that are of concern to accountants and clients.