Tax planning

The House Ways and Means Committee has passed a bill that contains a provision advocated by the American Institute of CPAs equalizing the tax return reporting standards.

The Internal Revenue Service has released a revenue procedure dealing with the tax effects on securitized mortgages that have been modified to avoid foreclosures.

The Senate Finance Committee has proposed a new tax bill that seeks to prevent the Alternative Minimum Tax from spreading to more taxpayers next tax season.The bill, sponsored by committee Chairman Max Baucus, D-Mont., and ranking member Chuck Grassley, R-Iowa, increases the AMT exemption amount to $46,200 for individuals and $69,950 for joint filers. It allows the use of personal credits to keep taxpayers who don’t currently pay the AMT from being snared by the tax.

Section 7216, a part of the Internal Revenue Code since 1971, imposes criminal penalties on tax return preparers who knowingly or recklessly make unauthorized disclosures or uses of information furnished in connection with the preparation of an income tax return.A violation of the section is not to be taken lightly — it comes with a penalty of up to a year’s imprisonment or a fine of not more than $1,000, or both.

The New York State Society of CPAs installed Sharon Sabba Fierstein as its new president.

The Internal Revenue Service has published the 2009 inflation-adjusted deduction limits for health savings accounts.

Authorities indicted a former UBS banker on charges of helping a real estate billionaire and other clients avoid taxes.

Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, has introduced a bill to extend tax credits and deductions that expired last year or would expire at the end of this year, including tax incentives for renewable energy.

The Senate Finance Committee held hearings on tax reform for individuals, the latest in a series of hearings on tax reform.

The alternative motor vehicle credit is difficult for the Internal Revenue Service to administer because of complex tax laws, according to a new report.

A group promoting pastors’ First Amendment rights has announced an initiative to challenge the ban on endorsements of political candidates by tax-exempt organizations.

Internal Revenue Service Commissioner Douglas Shulman promised to continue enforcement efforts against tax shelters and provide clearer tax guidance.

The House has passed housing legislation to help homeowners threatened by foreclosure, including tax benefits to sweeten the package.

The Treasury Department paid out an additional 22.18 million economic stimulus payments, or tax rebates, to American households last week, for a total of $20.138 billion.

The Nebraska Board of Public Accountancy has launched a service to enable CPAs and CPA firms to renew their licenses via the Web.

Cindy McCain, the wife of presumptive Republican presidential nominee Sen. John McCain, R-Ariz., has refused to release her tax returns.

Much of the excess tax collected by the Internal Revenue Service from businesses for telephone excise taxes is not being claimed or refunded, according to a new report.

The New York State Senate has agreed to suspend the gasoline tax for the summer, as the topic continues to be the talk of presidential candidates.

The Justice Department has sued a South Holland, Ill., tax preparer and her company to bar them from preparing tax returns, claiming they are responsible for more than $12 million in tax losses for the government.

A new poll shows that most Americans don't want state or federal tax agencies to prepare their taxes.