Tax practice

An audit by the Government Accountability Office of the Securities and Exchanges Commission’s Investor Protection Fund financial statements for fiscal years 2011 and 2012 found two areas of significant deficiency in the SEC’s internal controls.

As the April 15 deadline for filing taxes approaches, a federal prosecutor and the head of the IRS Criminal Investigation’s Newark Field Office are reminding taxpayers to accurately and completely fill out their returns and make sure they file them on time, while pointing out that not all tax preparers are honest.

The average individual taxpayer would have needed to shoulder an estimated $1,026 last year to make up for the revenue lost to the offshore tax havens used by corporations and the wealthy, while small businesses would have to pay an extra $3,067 to cover the cost of offshore tax breaks used by large corporations, according to a new study.

President Barack Obama’s budget proposal would cap multimillion-dollar tax-favored retirement accounts like the one held by Mitt Romney, his Republican rival in 2012.

President Barack Obama’s budget plan will incorporate deficit-cutting proposals that include changing the calculation for Social Security cost-of-living increases and tax brackets, according to a White House statement.

The Internal Revenue Service has issued proposed regulations on the requirement that charitable hospitals conduct community health needs assessments and adopt implementation strategies at least once every three years.

The Internal Revenue Service is often unable to process tax payments made in foreign currencies on a timely basis or at favorable exchange rates, according to a new government report.

Those that know me, know that I do not like extensions. However, there are valid reasons for extensions, and here are 15 of them:

The American Institute of CPAs has written to the Internal Revenue Service agreeing with the IRS’s proposed guidance governing how to report the cancellation of debt, but suggesting some changes as well.

More than a third of U.S. adults expect to spend their tax refunds this year on meeting everyday expenses, according to a new survey by the American Institute of CPAs, as the expiration of the payroll tax cut takes a bite out of workers’ take-home pay.

With less than two weeks to go in tax season, the IRS has unveiled six key points about self-employment and self-employment taxes

The IRS wants nominations for its Information Reporting Program Advisory Committee, a federal advisory panel that advises the IRS on tax administration issues, and that presents an annual report to the IRS commissioner in the fall.

A recent court decision ruled that a CPA’s failure to file and pay his taxes couldn’t be used against him in an unrelated tax shelter case.

Tax Freedom Day -- the day when Americans will have earned enough to pay their total tax bill for the year -- won’t occur until April 18 this year, five days later than last year, according to the nonprofit think tank that compiles it. And American taxpayers will spend more in taxes in 2013 than they will on food, clothing, and housing combined.

As tax season enters its last two weeks, the IRS has offered a number of tips on how taxpayers can make sure that their charitable gifts also lower their tax liability.

Preparers share more of their favorite promotional tips

Major new requirements and obligations under the Affordable Care Act go into effect in 2014. Many individuals and employers are only vaguely aware of them; fewer still appear to be aware of how to react.

Highlights of tax news from the previous month

Worker classification has long been an area only vaguely understood by many employers.

The widely followed R&D Tax Credit case involving Union Carbide Corporation and the cost of supplies used during production has finally come to an end. On March 18, the Supreme Court denied review of the Second Circuit Court of Appeals decision, which had affirmed the earlier Tax Court ruling.