Tax practice

The tax refund delays this tax season could be tied not only to new identity theft detection filters, but also to overly tight business rules written into the IRS’s Electronic Fraud Detection System.

An investor in a foreign currency trading fund has been sentenced to five years in prison for evading more than $150,000 in taxes.

A pair of Republican members of Congress have introduced a bill to prohibit the Internal Revenue Service from implementing a new tax-reporting requirement for small businesses to reconcile their 1099-K reports from outside providers such as credit card companies with their own internal records.

Clarifying Form 1099-R would help the Internal Revenue Service identify more taxpayers who are underreporting their retirement income, according to a new report.

The Internal Revenue Service has released procedures for issuing determination letters and rulings on the tax-exempt status of nonprofit health insurance providers that want to participate in the CO-OP program included in the health care reform law.

A new app for Apple’s iPhone relies on data from eBay to estimate the fair market value of goods donated to charity for charitable deductions.

Julius Baer is prepared to pay a fine to escape an escalating U.S. crackdown on offshore bank accounts after last week's indictment of smaller rival Wegelin raised tension among Swiss private bankers.

The Internal Revenue Service has debuted an online tool to help low- and moderate-income taxpayers find Volunteer Income Tax Assistance locations where they can get help with their taxes.

A majority of taxpayers are concerned about the security and privacy of their personal and financial information when filing their state and federal tax returns online, according to a new survey.

During his recent State of the Contradiction address before a joint session of Congress, the President in typically impressive oratory tried his carnival barker best not to allow anyone to examine the fine print.

The Internal Revenue Service has issued proposed regulations to provide guidance on the excise taxes imposed on the sale of medical devices under the health care reform law.

In the first-ever indictment of an overseas bank in the U.S. for facilitating tax fraud, the Justice Department has charged Wegelin & Co., Switzerland’s oldest bank, with allegedly conspiring to hide more than $1.2 billion from the Internal Revenue Service.

Sometimes it’s possible to predict a legislative outcome by comparing opening statements and testimonies of committee witnesses.

Last year more states, counties and cities lowered their sales tax rates than in 2010, and the number of sales tax changes also went down, according to a pair of new reports.

A previously convicted felon and long-time tax defier who also worked as a tax preparer was sentenced to three and a half years in prison.

The Internal Revenue Service does not have effective internal controls in place to make sure that defendants who have been convicted of tax-related crimes comply with the conditions of their probation and restitution, according to a new report.

The Internal Revenue Service has introduced a new online tool for taxpayers who need to repay their First-Time Homebuyer Tax Credit.

IMGCAP(1)]The Tax Court’s decision last month in the case of Peco Foods, Inc. & Subsidiaries, v. Commissioner of Internal Revenue (T.C. Memo 2012-18) caused waves of angst amongst tax practitioners and cost segregation professionals alike.

Sen. Sheldon Whitehouse, D-R.I., has introduced legislation to implement President Obama’s proposal in his State of the Union speech that millionaires should pay at least a minimum 30 percent income tax rate.

The cost estimates for an Internal Revenue Service program for matching data from tax returns with third-party information returns, which was used to justify the program’s projected budget of $115 million for fiscal years 2012 to 2016, “generally does not meet best practices for reliability,” according to a new report from the Government Accountability Office.