Practice Management

The Senate passed a bill that would keep the alternative minimum tax from spreading to 23 million taxpayers, but without including any of the offsetting revenue-generating provisions included in a version of the bill passed last month by the House.

Defying a veto threat from the White House, the House passed legislation that would encourage the use of renewable energy, raise automobile fuel efficiency standards and increase taxes on major oil and gas companies, but the measure promptly stalled when it reached the Senate.

The Internal Revenue Service auctioned off 21 lots of exotic animals, including tarantulas, pythons, wallabies and chinchillas, after seizing the assets of a group called the Living Science Foundation that fell behind in its tax payments.

The Internal Revenue Service's Office of Professional Responsibility said it has settled a case involving two attorneys and a $31 million bond issuance in Spokane, Wash.

The Tax Court issued a summary opinion acknowledging that a woman who owned a trucking business took her slot machine playing seriously enough to qualify her as a professional gambler.

The Internal Revenue Service issued a revenue procedure that describes the conditions under which changes to certain subprime mortgage loans will not cause the Internal Revenue Service to challenge the tax status of certain securitization vehicles holding the loans.

Private sector employment increased by 189,000 in November, according to a report by payroll processor ADP, which sent stocks sharply higher on Wednesday.

Accounting firm Grant Thornton signed a deal to purchase the assets of Goldenberg Rosenthal’s GR Consulting business.

Tax pros have their own rituals for getting ready for tax season, including checking supplies, test-driving software, training staff, sending out organizers, and wrapping up year-end planning tips for their clients.

Senate Finance Committee Chairman Max Baucus, D-Mont., and House Ways and Means Committee Chairman Charles Rangel, D-N.Y., unveiled a $21 billion package of energy tax legislation that Congress will consider this year, although opposition is expected from the White House as the bill would raise taxes on major oil and gas producers.