Practice Management

The Internal Revenue Service has issued letters denying tax-exempt status to three unidentified political groups that had applied for the exemption as Section 501(c)(4) groups.

The so-called “cut, cap and balance plan” legislation that passed the House would require the passage of a Balanced Budget Amendment to the U.S. Constitution that would mandate a two-thirds supermajority to approve any future tax increases.

A bipartisan group of senators that has been meeting on and off for months to hammer out a budget deficit reduction plan appears to have reunited and gained support on both sides of the aisle for a plan to reduce the budget deficit by $3.7 trillion over 10 years.

The Internal Revenue Service intends to stop authorizing the high-low per diem method for substantiating lodging, meal and incidental expenses that can be incurred when traveling away from home.

Cloud-based electronic invoice presentment and payment software provider Data Impact and electronic bill presentment and payment software maker Transactis have completed a merger.

An estimated 32,552 taxpayers may have been harmed because the Internal revenue Service did not follow legal requirements to notify them and their representatives of their rights related to tax liens in a timely fashion, according to a new government report.

Thomson Reuters has completed its previously announced acquisition of tax automation concern Manatron and with the purchase, said it would fold Manatron into a newly created government business unit within the Tax & Accounting business.

Senator Tom Coburn, R-Okla., has proposed a deficit reduction plan estimated to save $9 trillion over the next 10 years by slashing hundreds of government programs, but also increasing taxes in some areas.

The Internal Revenue Service is asking for comments on continuing education providers under its tax return preparer regulation program.