Tax practice

The Internal Revenue Service is paying millions of dollars every year in unnecessary interest payments due to delays in processing net operating loss cases within the required 45 days, according to a new government report.

Facebook has reportedly paid only about $315,000 in taxes in the United Kingdom last year, even though the social networking giant reported U.K. revenues of about $32.8 million and is estimated to have earned over $281 million in the U.K.

Federal charges have been filed against 40 defendants in 20 separate cases in Florida dealing with thousands of stolen identities and millions of dollars of fraudulent identity theft tax filings.

A part-time blogger has been convicted of filing a false income tax return that left out nearly $142,000 in taxes on the income he earned on the side from selling advertising space on his blog.

Vice President Joe Biden sparred with Republican vice presidential candidate Paul Ryan in a lively debate over taxes, foreign policy, the economy, Medicare and Social Security.

Are you upset at the new tax prep franchise in the strip mall down the street that is siphoning off some of your return business?

The founder of a business called Uncle Sam’s Tax Service has pleaded guilty to stealing the identities of dead people and using them to file tax returns.

At the request of the IRS Chief Technology Officer, the Treasury Inspector General for Tax Administration reviewed the 2009 re-engineering of the service’s End-User Equipment and Services organization, and declared it successful.

Internal Revenue Service Commissioner Doug Shulman plans to finish his term on Nov. 9 and will be replaced by Steven T. Miller, deputy commissioner for services and enforcement, as acting commissioner.

Bipartisan support for the R&D tax credit can mean benefits for small and mid-sized businesses

Presentations from the 2012 IRS Tax Forums are now available online.

Congress is considering allowing the Internal Revenue Service to report on taxpayers’ tax debts to consumer credit bureaus.

A delivery truck carrying mail addressed to the New Jersey Division of Taxation was involved in an accident on the New Jersey Turnpike and caught fire on September 11, according to the State of New Jersey Department of the Treasury and most of the truck’s contents burned.

Dennis Duban, a Los Angeles-based accountant and tax return preparer, has pleaded guilty to conspiracy to defraud the IRS and assisting in the filing of a false federal income tax return.

(Bloomberg) Any congressional effort to overhaul the U.S. Tax Code should make deficit reduction a priority, instead of cutting high-income Americans’ tax rates, Democratic Senator Chuck Schumer said.

The IRS is reportedly fine-tuning its procedures for collecting and releasing preparers’ personal information gathered during Preparer Tax Identification Number registration.

CCH has released a new Tax Briefing: 2012 Year-End Tax Planning to provide guidance and analysis on potential tax rate changes, the anticipated expirations of Bush-era tax cuts, post-election tax triggers and other scenarios.

IMGCAP(1)]Acquisition transactions come in all shapes and sizes. Some take place at seemingly breakneck speed, while others are the result of months of thoughtful planning.

The Internal Revenue Service has given a $2 million reward to a whistleblower who exposed an alleged tax avoidance scheme by an Illinois tool maker that cost the U.S. Treasury hundreds of millions of dollars.

With one debate already in the books, we’re not really any closer to knowing what taxes will be in the books, or not, come January. In fact, when the ball drops on New Year’s Eve, we may still need a crystal ball to tell us in what direction we are headed.