Tax planning

The House has introduced legislation to amend the Tax Code to modify the penalty on the understatement of taxpayer's liability by preparers.

The Internal Revenue Service auctioned off 21 lots of exotic animals, including tarantulas, pythons, wallabies and chinchillas, after seizing the assets of a group called the Living Science Foundation that fell behind in its tax payments.

The Tax Court issued a summary opinion acknowledging that a woman who owned a trucking business took her slot machine playing seriously enough to qualify her as a professional gambler.

A federal grand jury indicted 10 people at a private investigator's office, charging them with a scheme to obtain confidential information on more than 12,000 citizens across the country, including their tax, medical and employment information, by posing as employees of the Internal Revenue Service, the Social Security Administration, doctor's offices and other businesses.

Cosmi Corp. introduced a consumer tax prep package to compete with Intuit's TurboTax and H&R Block's TaxCut, with the help of CCH tax experts providing information and support.

The U.S. Supreme Court issued a unanimous decision that will allow railroads to challenge state methods for determining the value of railroad property, as well as how those methods are applied.

Accounting firm Hausser + Taylor has changed its name to Maloney + Novotny and severed its association with RSM McGladrey.

Tax pros have their own rituals for getting ready for tax season, including checking supplies, test-driving software, training staff, sending out organizers, and wrapping up year-end planning tips for their clients.

Senate Finance Committee Chairman Max Baucus, D-Mont., and House Ways and Means Committee Chairman Charles Rangel, D-N.Y., unveiled a $21 billion package of energy tax legislation that Congress will consider this year, although opposition is expected from the White House as the bill would raise taxes on major oil and gas producers.

The Internal Revenue Service has found problems with many of the conservation easements it gives to landowners in Colorado.

Tax prep firm Gilman Ciocia has acquired Madison CPA, a Fort Lauderdale accounting firm.

The National Association of Enrolled Agents is calling on the Internal Revenue Service to look into problems with the timing of its correspondence audits of taxpayers.

A 63-year-old homemaker has won a lawsuit against Kmart for improperly charging her tax on the toilet paper she bought.

Electronic tax prep provider Orrtax Software Solutions has released its 2007 IntelliTax Program and Setup package for professional tax preparers.

As Washington struggles to fix the alternative minimum tax to prevent it from spreading to an estimated 23 million taxpayers, consumer tax prep software vendor 2nd Story Software is offering a peek at how the AMT would affect tax returns prepared under either scenario with its TaxAct software.

The Tax Council Policy Institute plans to host a webcast on the business tax implications of the Tax Reduction and Reform Act, a bill introduced by House Ways and Means Committee Chairman Charles Rangel, D-N.Y.

Tax pros have their own rituals for getting ready for tax season, including checking supplies, test-driving software, training staff, sending out organizers, and wrapping up year-end planning tips for their clients.

The Treasury Department issued a report to Congress on three international tax issues: U.S. earnings-stripping rules, transfer-pricing rules and the misuse of tax treaties.

KPMG International saw combined revenues from its member firms rise 17.4 percent to $19.8 billion in fiscal year 2007.

The Internal Revenue Service Oversight Board has sent a letter to the leaders of the Senate Finance Committee saying it is "gravely concerned about the serious risks to the 2008 filing season" if legislation to change the alternative minimum tax is delayed much longer.