Tax audits

The Internal Revenue Service released an early draft of the instructions with revised directions for how partnerships should report capital accounts and tax basis capital for partners on Schedule K-1.

Chuck Schumer and Ron Wyden have asked internal watchdogs to investigate whether there’s been political interference in audits of the president's returns.

The details published about Donald Trump’s tax returns were a revelation to the public but not to a small group of attorneys who work for a little-known congressional panel.

The Internal Revenue Service introduced a section of its website dedicated to the Centralized Partnership Audit Regime.

In today’s COVID-19 world where nothing seems normal, and “new normals” are popping up in every business operation, service businesses are trying to make up for lost income and rising expenses in creative ways that will lessen the financial impact of COVID-19.

If you have an income of $1 million or more there’s less than a 1% chance that the IRS has called you in for an audit, according to new figures from the agency.

The IRS initiated 71 percent fewer corporate audits this spring compared with the same time period a year ago as the coronavirus pandemic halted many agency operations.

The Internal Revenue Service wasted $22.7 million auditing tax returns that resulted in no additional revenue for the federal government, according to an agency watchdog.

The service hasn’t been doing enough to collect the taxes owed by hundreds of thousands of people who owe billions of dollars, according to a new report.

For decades, the credit has been subject to a wide gulf of interpretation and hence is an issue ripe for adjustments.