Tax planning

The Senate Finance Committee proposed a new tax bill that seeks to prevent the alternative minimum tax from spreading to more taxpayers next tax season.

Presumptive Republican presidential nominee Sen. John McCain, R-Ariz., has released his 2006 and 2007 tax returns.

Tax preparer Matthew Carl Berry was convicted of federal tax fraud charges for operating a scheme that earned him, family members and associates more than $1 million, according to the Justice Department.

Right on time for the conclusion of tax season, the House has passed a bill that promises to make tax preparation easier, while also repealing the IRS Private Debt Collection Program.

Presidential hopeful Sen. Barack Obama, D-Ill., released the 2007 tax return for himself and his wife Michelle.

The Internal Revenue Service said it would be watching to make sure charities and religious organizations don't violate their tax-exempt status by engaging in political activities this campaign season.

Andrew Rubin and Andrew Ross at Gettry Marcus Stern & Lehrer, CPA, P.C., along with eight other accountants, were featured on the "Late Show with David Letterman" on tax day, presenting the Top 10 list.

The Internal Revenue Service has put out a call for a priority list of items it should address with its upcoming guidance.

Prosecutors are asking the judge overseeing the Wesley Snipes tax evasion case to give the actor three years in prison and a fine of $5 million, even though a jury cleared him of felony charges.

A new study by the Computer & Communications Industry Association recommended that the Internal Revenue Service avoid investing in its own online tax preparation system, saying the proposed "I-File" system would be costly to implement and create little or no benefit for consumers.

The Supreme Court has issued unanimous rulings in two tax cases, MeadWestvaco Corp. v. Illinois Department of Revenue, and U.S. v. Clintwood Elkhorn Mining Co.

The Internal Revenue Service has released draft instructions for the redesigned Form 990, the return that tax-exempt organizations such as nonprofit charities, hospitals and universities must file annually.

The Senate Finance Committee heard testimony about U.S. tax policy at a hearing on tax fundamentals in advance of reform efforts that Congress plans to undertake.

The IRS Oversight Board encouraged the Internal Revenue Service to strive for not just "good," but "great" performance, in its 2007 annual report.

Following the release of tax returns by the Clintons and the Obamas, the president and vice president have released copies of their returns.

An Oregon federal court has permanently barred John Fitzgerald of Portland and his three daughters - Marilyn Dial, Martha Farr Sharp and Karen Gray - from marketing a tax fraud scheme involving sham nonprofit corporations that customers used to evade federal taxes, the Justice Department said.

The Internal Revenue Service said it would soon issue guidance to help businesses determine how to use the special 50 percent bonus depreciation allowance included with the recent economic stimulus legislation.

An increasing number of taxpayers filed or intended to file their tax returns online this tax season, according to recent data supplied by both the Internal Revenue Service and global researcher The Conference Board.As of early March, IRS statistics showed that the 2008 e-filing level was up 5 percent over the same period last year. And in a survey undertaken just prior to tax season, The Conference Board found that 40 percent of taxpayers planned to file online, up from 34 percent three years ago. More than two thirds of consumers said that they have filed online for three years or more, up from less than 55 percent in 2005.

IRS REHIRES PRIVATE COLLECTORSWashington, D.C. — The Internal Revenue Service has decided to renew the contracts of two companies involved in its controversial private debt collection program.

The Senate has overwhelmingly passed a housing relief bill that includes a $7,000 tax credit for purchasers of foreclosed homes in addition to $4 billion in grants for local communities to buy and repair foreclosed properties.