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IRS INITIATIVE EYES TAX-EXEMPT GROUPS’ COMPENSATION: The Internal Revenue Service has started a new enforcement effort to identify and halt abuses by tax-exempt organizations that pay excessive compensation and benefits to their officers and other insiders.
September 5 -
by George G. Jones and Mark A. Luscombe
September 5 -
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NEW TAXPAYER ACCOUNT, PROCESSING SYSTEM DEBUTS: A modernized system designed to replace the Internal Revenue Service central database of taxpayer account information has processed its first live returns, the IRS announced.
August 22 -
San Francisco — After announcing a 10 percent drop in earnings for the second quarter, discount brokerage Charles Schwab said that chief executive David S. Pottruck would be stepping aside in favor of company founder and chairman Charles R. Schwab.
August 22 -
Washington — The Department of Justice filed a lawsuit to stop an East Cleveland tax return preparer from preparing federal tax returns and from promoting an alleged tax scheme that omits wages from taxpayers’ returns.
August 22 -
by George G. Jones and Mark A. Luscombe
August 22 -
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AICPA SUPPORTS PREPARER REGISTRATION, WITH RESERVATIONS: While the American Institute of CPAs supports the concept of tax preparer regulation, it raised some public policy and drafting concerns about the registration proposal in S. 882 (H.R. 1528), known as the Tax Administration and Good Government Act, which passed the Senate in May.
August 8 -