Tax practice

With many indications showing that the Internal Revenue Service is behind in the number of tax returns filed so far this year compared to last year, Liberty Tax Service reported positive growth Wednesday in revenue, same-store sales and tax returns filed.

Sen. Mike Johanns, R-Neb., and Debbie Stabenow, D-Mich., have introduced similar but competing amendments to repeal the expanded 1099 information reporting requirements in the health care reform bill, intending to attach the amendments to a re-authorization bill for the Federal Aviation Administration.

The Internal Revenue Service has significantly improved its ability to identify and replace aging computers, according to a new government report.

Now that the drama has ended and year-end legislation to extend the Bush-era tax cuts has been enacted, work remains for those "in the trenches" to sort out appropriate reactions. For most businesses, the response will be multifaceted.

IRS ADJUSTS RULES ON HEALTH DEBIT CARDS

Recently issued guidance from the Internal Revenue Service provides answers to a number of questions on tax return preparer registration, and fills in some of the details left unaddressed by recent regulations.

Jackson Hewitt Tax Service filed a lawsuit Monday against H&R Block claiming that Block is disseminating “false, misleading and highly disparaging advertising claims about Jackson Hewitt.”

The former CEO of Quellos Group and the head of its private clients group were sentenced in a federal court on charges connected with the offshore tax shelters set up by the former investment firm.

The Obama administration is expected to propose permanently eliminating capital gains taxes on some types of small business investments held for over five years.

The Internal Revenue Service has recently received an anonymous complaint challenging the tax-exempt status of the National Hot Rod Association.

California CPA Steve Green is accusing the Internal Revenue Service of “gross negligence” in the way it has responded to correspondence with him.

The Internal Revenue Service and its partners nationwide marked the 5th Earned Income Tax Credit Awareness Day on Friday.

The deficit reduction panel called for tax reform, as did the National Taxpayer Advocate and the House Ways and Means Committee. Now, President Obama has added his voice to the mix with his State of the Union address.

The Financial Crisis Inquiry Commission delivered the results of its nearly two-year-long investigation into the causes of the financial and economic crisis on Thursday, but with dissenting views from some of the Republican members of the commission.

The Internal Revenue Service has introduced a new online tool for ordering tax return copies, tax transcripts and return information.

Senate Finance Committee Chairman Max Baucus, D-Mont., and member Chuck Grassley, R-Iowa, introduced legislation Wednesday to create job opportunities for veterans returning home from war and help businesses create jobs.

President Obama placed an unusual degree of emphasis Tuesday during his State of the Union address on tax reform, and while there appears to be more bipartisan spirit in Congress in the wake of the tragic shootings in Tucson, the prospects for getting an agreement are murky at best.

President Obama urged Congress to work across party lines on an overhaul of both corporate and individual taxes to reduce tax loopholes during his State of the Union address on Tuesday night.

Senate Finance Committee member Chuck Grassley, R-Iowa, and chairman Max Baucus, D-Mont., have introduced a bill that would prevent any individual or firm from being able to receive patents on tax strategies.

Senate Finance Committee Chairman Max Baucus, D-Mont., and Senate Majority Leader Harry Reid, D-Nev., have introduced and pledged to pass a bill to repeal the expanded 1099 reporting requirements in the health care reform bill.