Practice Management

IRS TO ADDRESS PTP TERMINATIONSWashington, D.C. - The Internal Revenue Service plans to issue guidance on technical terminations of a publicly traded partnership resulting in multiple short tax years within one calendar year.

This year-end is proving to be one of the most difficult for investors in many years. There's the uncertainty resulting from the financial credit crisis and government reactions to the crisis. There's the uncertainty from the close presidential election. There is also the uncertainty from the existing tax laws, under which the tax rates for capital gains and dividends and the top marginal tax rates for ordinary income would increase in 2011 under current law even if nothing were done by Congress.Faced with this uncertainty, the market has been in retreat, evaporating gains and producing potential losses. While most investment advisors are advising clients to remain in the market, and even use downturns such as this as an opportunity for further investment, taxpayers facing investment losses should keep in mind some tried and true tax planning opportunities, as well as some potential new developments in the tax law.

IRS OFFERS GUIDANCE ON ARSWashington, D.C. - The Internal Revenue Service issued a revenue procedure that provides guidance on the treatment of taxpayers who accept certain types of settlements of potential legal claims relating to auction rate securities.

It took a while, but the accounting profession is finally starting to feel the effects of the overall market slowdown. Although certain geographies appear immune, I'm seeing a softening in many parts of the country.Is it a surprise? Not in the slightest.

Tax-related measures will be on the ballots of at least 23 states on Tuesday, and they could have far-reaching ramifications.

Learn what practitioners should be focusing on in their upcoming year-end and general tax planning with both individual and corporate clients in this free webcast.

The Internal Revenue Service distributed roughly $1.6 billion in refunds to taxpayers who filed falsified tax returns in 2006 and 2007, despite efforts to stop them, according to a new report from the Treasury Department's inspector general.

Crowe Horwath has signed an agreement with Grobstein Horwath that will effectively merge the two firms.

The Internal Revenue Service plans to increase the fee for obtaining an exact copy of a previously filed and processed tax return with all the attachments.

The Treasury Department and the Internal Revenue Service have issued guidance on indirect ownership of preferred stock in mortgage lenders Fannie Mae and Freddie Mac.