The Latest

The Internal Revenue Service delayed tax refunds early this filing season for 7.8 million tax returns, according to a report by the Treasury Inspector General for Tax Administration, which also described steep cutbacks in customer service at the IRS.

The New York State Society of CPAs has written a letter to the Internal Revenue Service asking the IRS to clarify several rules governing the reporting of foreign financial assets.

President Barack Obama and congressional Republicans square off this week over tax hikes for millionaires and tax cuts for businesses, with both sides seen as more interested in scoring political points than in fixing the tax code or shrinking the deficit.

In addition to opening nominations for its Outstanding Ohio Accounting Educator Award, the Ohio Society of CPAs is calling for candidates for its new award honoring teachers of two-year institutions.

Olympic gold medal skier Lindsey Vonn said she has paid off a tax lien for over $1.7 million.

Teresa Mackintosh has joined CCH as executive vice president and general manager of tax. She will head CCH's Tax business unit, serving tax professionals in accounting firms.

The Internal Revenue Service has filed a tax lien against singer-songwriter Lionel Richie for over $1.1 million in unpaid taxes.

While every state offers tax incentives to attract, retain and expand businesses and jobs, few states actually provide good evidence that the tax breaks deliver an effective return on investment, according to a new report.

New Rules Strengthen Risk Management for Financial Markets

A growing number of countries, particularly in Western Europe, are allowing multinational companies to use “patent and innovation boxes” to provide them with tax breaks on their intellectual property and shield more of their profits from U.S. taxes. U.S.-based corporations are weighing tax incentives such as these against the competing tax reform proposals advanced by the Obama administration and Republicans in Congress.