Practice and client management

The Internal Revenue Service has issued guidance for the proper pooling treatment of automobiles, light-duty trucks, and crossover vehicles that have the characteristics of trucks and cars under the dollar-value, last-in, first-out inventory method. To address the distinctions between cars and light-duty trucks, and in response to an Industry Issue Resolution Program request submitted by Miller Chevalier Chartered and the National Auto Dealership Association, the Treasury Department and the Internal Revenue Service issued Revenue Procedure 2008-23. Light-duty trucks are trucks with a gross vehicle weight of 14,000 pounds or less. Effective for tax years ending on or after Dec. 31, 2007, the revenue procedure provides a safe harbor pooling method, the Vehicle-Pool Method, for resellers of cars and light-duty trucks. The Vehicle-Pool Method allows a reseller to establish a new vehicle pool for inventories of new vehicles including new cars, new light-duty trucks, and new crossover vehicles including SUVs, minivans and other similar vehicles and a used vehicle pool for inventories of used vehicles. Revenue Procedure 2008-23 also provides the procedures for a reseller subject to the LIFO pooling requirements to obtain automatic consent to change to the Vehicle-Pool Method.

The House Ways and Means Oversight Subcommittee plans to hold a hearing on the 2008 tax-filing season, Internal Revenue Service operations, fiscal year 2009 budget proposals and the IRS National Taxpayer Advocate's annual report.

The Internal Revenue Service has opened its IRS Free File program to individuals who do not normally file tax returns so they can receive economic stimulus payments.

Democratic lawmakers in the New York State Assembly are reportedly considering the idea of levying an extra 1 percent income tax on everyone with income over $1 million in order to balance the state's budget and help fund transportation costs, but the proposal is likely to run into opposition from the governor and the State Senate.

The Internal Revenue Service has issued final regulations for tax deductions on domestic film productions, while revising the definition of the types of films that qualify for the deduction.

The House Subcommittee on Select Revenue Measures held a hearing to examine whether there is a need for a more uniform treatment of various derivative structures.

The Internal Revenue Service said it won't challenge the accuracy of income tax returns filed by eligible individuals who claim just $1.00 in adjusted gross income in order to receive an economic stimulus payment.

Financial services firm Gilman Ciocia is capitalizing on two perennials for this time of year - tax season and Major League Baseball spring training - to offer free tax prep services to attendees at several upcoming spring training games in Florida.

The Internal Revenue Service has automated user fee calculations for taxpayers who enter into installment agreements to make it easier to determine their eligibility for fee reductions for low-income taxpayers.

The Internal Revenue Service has decided to renew the contracts of two companies involved in its controversial private debt collection program.

There is growing diversity within CPA firms, and it is taking many forms. For example, the male domination is beginning to wane. This is especially seen at the entry level and is working its way up. There are four distinct generations in the profession, with sharply different views of work and possessing unique skill sets. Then there is the greater influence of marketers, firm administrators, and technologists in firm operations. And don’t forget the more traditional diversity with regard to different cultures and races.

The Internal Revenue Service said that electronic filing is already off to a strong start, with more than 38 million tax returns filed electronically so far.

After the Cook County Board voted over the weekend to double the county's sales tax rate to 1.75 percent, Chicagoans found themselves about to pay the highest sales tax rate of any major city in the nation: 10.25 percent.

The Internal Revenue Service said it is encouraging business taxpayers, associations and other interested parties to submit controversial tax issues to its Industry Issue Resolution Program.

The Internal Revenue Service is sending out letters this week to more than 130 million American households reminding them to file a 2007 tax return in order to receive a tax rebate or economic stimulus payment.

Accounting firms are using Google text ads this tax season and beyond to bring in clients for tax prep and other types of accounting and financial planning services.

A new book explains how companies can avoid "deadly tax mistakes" that could cripple their business.

Somerset CPAs said it plans to launch a consulting program to help CEOs cope with the economic downturn.

A House subcommittee plans to conduct a hearing into the tax treatment of derivatives next week.

When you think about filing your tax return, do you have more questions than answers? The entire process can be confusing and frustrating, but a little information can make the experience much more bearable. Here are some common tax-season questions, along with practical answers, from the New Jersey Society of Certified Public Accountants (NJSCPA):