Tax practice

A longtime promoter of trust packages who promised to shield her customers’ assets from taxes has been sentenced to a seven-year prison term.

The House Ways and Means Select Revenue Measures Subcommittee held a hearing to consider a move to a territorial corporate tax system that would tax only the income earned inside the U.S.

A group of millionaires visited the halls of Congress in an effort to convince lawmakers to raise tax rates on incomes of $1 million a year or more.

A 2008 Senate report estimated the costs of non-compliance by taxpayers using offshore bank accounts to be at least $100 billion annually.

A pair of reports from IRS advisory and watchdog groups outline a set of priorities for the agency, including remote work, uncertain tax positions and security.

The House overwhelmingly passed legislation repealing the 3 percent withholding mandate on government contractors, along with a tax credit for hiring veterans.

The November 23 deadline for Congress’s deficit reduction “supercommittee” is only about a week away and effectively a few days less.

The House Ways and Means Oversight Subcommittee held a hearing to discuss the relative unpopularity of the Small Business Health Tax Credit that is part of the health care reform law.

The deficit reduction “supercommittee” in Congress appears increasingly unlikely to make any decisions on taxes before its impending deadline.

The Internal Revenue Service has issued a new revenue procedure that provides a safe harbor for Native American tribes to establish trusts for tribal members who are minors or legally incompetent for the distribution of gambling revenues under the Indian Gaming Regulatory Act.

A new report from a Republican lawmaker details how, under the current Tax Code, the federal government is giving away billions of dollars to millionaires, subsidizing their lifestyles with taxes paid by the less well-to-do.

One of Switzerland’s oldest banks, Clariden Leu, has become the latest to cooperate with U.S. tax authorities.

A retired special agent with the IRS’s Criminal Investigation division has pleaded guilty to charges of transporting a California woman across state lines to Las Vegas for the purpose of prostitution.

Among the themes that IRS Commissioner Doug Shulman has emphasized since his swearing in is the balancing of the agency’s compliance function with its service mission.

The Internal Revenue Service has issued a revenue ruling permitting an employer that is using an accrual method of accounting to take a deduction in the current year for a fixed amount of bonuses payable to a group of employees, even though the employer does not know which of the employees will receive a bonus or the amount of any particular bonus until after the end of the taxable year.

The Senate has approved a jobs bill that provides businesses with a tax credit for hiring unemployed veterans.

The Internal Revenue Service took the appropriate actions when an airplane piloted by an irate taxpayer crashed into one of its buildings in Austin, Texas last year.

The Republican leader of the House Ways and Means Oversight Subcommittee plans to hold a hearing to probe the efficacy of the Small Business Health Care Tax Credit in the aftermath of a report that found a disappointing number of small businesses taking advantage of the tax break in the health care reform law.

A bipartisan group of 10 senators introduced legislation Wednesday that would give states the option to collect the sales taxes they are owed under current law from out-of-state businesses, rather than rely on consumers to pay those taxes to the states.

The Internal Revenue Service has not collected delinquent taxes in a sampling of nearly half the past-due tax cases left over from its discontinued private debt collection program, according to a new government report.