Practice and client management

Lee Zoeller, a partner at the international law firm Reed Smith LLP, recently began leading the Institute for Professionals in Taxation.

FedEx said the IRS’s audit team has decided not to assess federal employment taxes on FedEx Ground’s home delivery drivers, whom the company considers to be independent contractors.

Electronic tax filing set a new record this year, with 95 million individual federal income tax returns e-filed, up nearly 6 percent from last year’s total of nearly 90 million.

TIGTA: IRS MOSTLY ACCURATE ON RECOVERY REBATE

In recent months, the IRS has taken a more serious look at the long-talked-about idea of professional tax preparer registration.

During the downturn, many practitioners have found it necessary to brush up on the loss-deduction rules. When the economy is humming, an overabundance of income is usually available to offset any loss that might surface. When times get tough, however, a variety of loss-limiting rules under the Tax Code suddenly demand some attention. The "basket" approach to figuring out what loss can offset what income can be useful under these circumstances, especially as year-to-year tax planning may be available to offset the offsets.

IRS DROPS ACORN

The Treasury Inspector General for Tax Administration has concluded that cost overruns and schedule delays with the Internal Revenue Service’s Business Systems Modernization Program have increased during 2009.

The Internal Revenue Service needs to better manage the collection notices it sends to individuals, according to a new report from the Government Accountability Office.

House Democrats unveiled their health care reform package after assembling the various components passed this summer by three separate committees.

The House overwhelmingly approved legislation to reform small business lending and spur job creation.

The Justice Department has filed seven lawsuits around the country to stop a massive tax refund fraud scheme based on claims of large tax withholding.

The Treasury Department’s Inspector General for Tax Administration said the Internal Revenue Service should increase the effectiveness of its contract oversight.

Treasury Secretary Tim Geithner and Housing and Urban Development Secretary Shaun Donovan have called on Congress to extend the First-Time Homebuyers Tax Credit past its Dec. 1 expiration date, while putting in place strong anti-fraud measures.

The IRS’s Information Reporting Program Advisory Committee has released a report outlining recommendations on a wide range of tax administration issues, including creating new forms and instructions, and reporting of a customer’s basis in securities transactions.

CCH plans to enhance its IntelliConnect research service with new filtering and interface features.

IRS Commissioner Doug Shulman had some news for CPAs gathered to hear him speak at an AICPA conference on Monday: high-income individuals are going to be in the agency’s cross-hairs now.

Democratic leaders of key House and Senate committees have introduced legislation to force foreign financial institutions, trusts and corporations to provide information about their U.S. account holders, grantors and owners.

IRS Commissioner Douglas Shulman told a gathering of CPAs that he had heard their concerns about the IRS requiring extra testing of CPAs who prepare taxes, and announced that the IRS would be expanding its probe of overseas income while targeting new enforcement efforts at high-wealth individuals.

The Internal Revenue Service has issued a new form that will make it easier to order tax transcripts and help process mortgage modification applications.