Tax practice

The Internal Revenue Service continues to have problems with the security of its computer systems, jeopardizing the confidentiality of taxpayer information, according to a new report.

The Internal Revenue Service is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel, a federal advisory committee that makes recommendations for improving the agency’s service.

California Secretary of State Deborah Bowen, the state’s top elected Democrat, has rejected Republican congressional candidate Phil Liberatore’s ballot designation, alleging that Liberatore’s description as "IRS Problem Solver," is overly broad and associated with an entity or organization.

The health care reform reconciliation bill makes a number of adjustments in the excise taxes on so-called “Cadillac” insurance plans and medical device makers, along with Medicare taxes and the fees imposed on pharmaceutical companies.

The jobs bill signed by President Obama on Thursday includes various revenue-raising provisions that would put foreign financial institutions with U.S. taxpayers under a new reporting and tax regime.

President Obama has signed legislation that provides employers with tax incentives to hire unemployed workers.

The House Ways and Means Committee has approved legislation to provide tax relief to small businesses and extend financing measures for creating jobs.

One week after California CPA Phil Liberatore announced he was running for a congressional seat in that state's 42nd district, former New York lawmaker and Arthur Andersen partner Joseph DioGuardi announced he is challenging Sen. Kirsten Gillibrand, D-N.Y., for her Senate seat.

The Commonwealth of Pennsylvania will offer amnesty to those who owe back state taxes, for only the second time in its history.

The Senate has approved legislation that provides companies with a payroll tax exemption for hiring new employees.

The Internal Revenue Service has been making good on its promises to step up its audits of wealthy taxpayers, and sites like Facebook could be a big help.

The Internal Revenue Service has issued its annual list of common tax scams to avoid, with tax preparer fraud and phishing schemes topping the list.

Calls to the Internal Revenue Service’s toll-free phone lines for tax help may exceed the agency’s projections this tax season.

House Ways and Means Committee Chairman Sander Levin, D-Mich., has unveiled a draft of a new bill that would provide tax incentives to small businesses to spur job creation.

Sen. Christopher Dodd, D-Conn., has released a draft version of the financial regulatory reform legislation that he has been working to write since the House passed its own legislation last December.

Rep. Rush Holt, D-N.J., has introduced legislation to encourage small business investment and job creation by expanding the research and development tax credit.

The first piece of tax legislation likely to emerge from Congress in 2010 is expected to be focused on job creation. The House passed a bill at the end of 2009, and the Senate is crafting a response as we go to press. It appears unlikely at this point that the Senate will adopt the House bill.

OBAMA PROPOSES SMALL-BIZ TAX CUT

Despite its significant tax increases, President Obama's 2011 $3.8 trillion budget plan contains a number of revenue provisions calculated to encourage business expansion and move the economy upward.

A group of senators has asked executives overseeing the Boys & Girls Clubs of America to account for the high salaries, perks, executive retirement plans and lobbying expenses at the nonprofit group.