Practice Management

The Republican and Democratic leaders of the House Ways and Means Committee have introduced bipartisan legislation to protect taxpayers against the inappropriate use of civil asset forfeitures by the Internal Revenue Service.

As year-end approaches, it would be worthwhile for practitioners to consider whether corporate clients could benefit from the following “last minute” tax-saving moves, including adjustments to income to preserve favorable estimated tax rules for 2015, deferral of certain advance payments to next year, and fine-tuning bonuses to make the most of the Section 199 domestic production activities deduction.

The Internal Revenue Service has issued an announcement extending the “deemed compliant” status of countries that are treated as if they had an intergovernmental agreement with the U.S. Treasury Department in place for purposes of the Foreign Account Tax Compliance Act.

The Internal Revenue Service issued the 2015 optional standard mileage rates on Wednesday that are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Lawmakers in Congress have included a fourth renewal on the ban on Internet access taxes as part of a spending deal to avert a government shutdown.

Congress has cut the Internal Revenue Service’s budget once again, reducing the tax agency’s fiscal year 2015 budget by 3 percent compared to this year’s funding level.

KPMG International said it realized record revenues globally of US$24.82 billion for the fiscal year ending Sept. 30, 2014, a 6.3 percent increase over the previous year in terms of local currency.

The other day I spent an hour drafting a long email detailing out the errors I picked up on in a client’s balance sheet.

The IRS is reminding practitioners that the deadline for those who want to participate in the new voluntary Annual Filing Season Program must complete the continuing education requirements by Dec. 31.

U.S. Senate Finance Committee Chairman Ron Wyden said he expects Congress to pass legislation that would permanently extend three lapsed tax breaks for charitable contributions.