Practice Management

The Internal Revenue Service has indeed been taking steps to assist economically distressed taxpayers who have fallen behind on their payments, a government report confirmed.

IMGCAP(1)]Several lucrative federal tax incentives have been extended and enhanced for energy efficient design, construction, and improvement of buildings and homes.

Fifteen of the largest U.S. states have forecast gains intax revenue for 2011, ending a two-year slide in tax collections, while all 50states expect to hike collections by about 3.5 percent.

The Senate has temporarily extended two provisionsenacted in the Recovery Act that increase government guarantees and eliminatefees on small-business loans through April 30.

Taxpayers may have to finish filing their taxes by April15, but they'll have earned enough to pay their share by April 9, according tothe Tax Foundation.

A federal judge here has ruled that a professionalliability insurer is not obligated to defend or indemnify an accounting firm inconnection with the recommendation by a firm member of a tax-sheltertransaction.In its ruling, thecourt held that the firm member was acting as an agent for the company thatmarketed the plan.

The Internal Revenue Service has filed a tax lien for over $15,000 against former Washington, D.C., mayor Marion Barry, claiming he owes taxes for 2005 through 2008.

The Justice Department has asked a federal court to permanently shut down a Miami tax preparer who was falsely claiming the First-Time Homebuyer Tax Credit on his clients’ tax returns.

The Tax & Accounting business of Thomson Reuters has published a new guidebook to help nonprofit organizations meet the IRS’s new reporting requirements.

The Internal Revenue Service frequently establishes payment plans for delinquent taxpayers without considering whether taxpayers can afford to pay them, according to a new report.