Tax planning

International work assignments — both inbound and outbound, short-term and long-term — have become more common as the world gets “smaller” and “flatter.”While on foreign soil, most employees feel that they deserve additional compensation and that they should be at least somewhat released from the growing number of domestic tax rules that restrict compensation packages. Some of the more irksome rules restricting compensation arrangements lately are contained in the final regs under Code Sec. 409A on nonqualified deferred compensation.

In 1994, the Governmental Accounting Standards Board established standards for public employee pension plans. Government and public employers have to report and account for pension benefits costs.However, until recent years, there was no such standard in place for other post-employment benefits for state and local government workers.

The Internal Revenue Service is falling short on inspecting the international tax transactions of small businesses for compliance problems, according to a new report.

Reeling from an unfavorable court decision on its tax strategy, banking giant KeyCorp said it would take an after-tax accounting charge of between $1.1 billion and $1.2 billion in the second quarter, cut its dividend in half and raise another $1.5 billion by issuing shares.

The Internal Revenue Service said its e-Services online tools will be out of service the last weekend in June.

The Virginia Society of CPAs Educational Foundation has established a scholarship fund to honor the victims of last year's Virginia Tech shooting.

Senate Finance Committee Chairman Max Baucus, D-Mont., introduced the Energy Independence and Tax Relief Act of 2008 as Democrats and Republicans haggle over how to pay for extending expiring tax provisions.

Presidential hopefuls Sen. Barack Obama, D-Ill., and Sen. John McCain, R-Ariz., clashed over their tax plans, trading accusations of hikes in capital gains and Social Security taxes.

The Small Business Administration has created an online tax savings resource center to help small businesses understand the benefits of the economic stimulus package.

Senate Republicans have defeated a proposal to charge oil companies a windfall profits tax.

The Supreme Court ruled unanimously that businesses could use the Racketeer Influenced and Corrupt Organizations Act to sue competitors who purchased tax liens after submitting false documents.

The Internal Revenue Service is pursuing billionaire Philip Anschutz over $143.6 million in back taxes in an effort to discourage arrangements that allow people to defer paying capital gains taxes.

The AICPA Private Companies Practice Section (PCPS) did a remarkable job with its 2007 Top MAP Issues survey, and it was done without even changing the question that is asked each year or who was asked. It was done simply by taking a knife and cutting up the answers. The annual survey asks various practitioners in public practice: What are your top five MAP concerns?

The New York State Society of CPAs held a conference to discuss ways that accountants can battle fraud at the companies they audit.

The Internal Revenue Service has added new features to its Online Payment Agreement Application, making it easier for taxpayers and practitioners to modify existing installment agreements for paying tax debts to the government.

The American Institute of CPAs' Tax Division presented Alan Einhorn with its 2007-2008 Distinguished Service Award at its spring meeting.

The Government Accountability Office conducted an undercover investigation of tax preparers earlier this year to learn what they disclose to clients about the fees they charge for refund anticipation loans.

Richard Hatch, the first-season winner of the reality TV series "Survivor," has appealed his conviction on tax evasion charges to the U.S. Supreme Court.

The Senate Finance Committee held hearings on small business tax issues as part of a series of hearings on tax reform.

A report from Ernst & Young describes the potential adverse impact on the U.S. economy if the research and development tax credit is not renewed.