Tax practice

Security guard company Superior Protection Inc. and four of its executives were indicted for failing to pay employment taxes and other charges.

One of the defendants in a $60 million trust tax scheme has been sentenced to more than 13 years in prison.

Two recent reports suggest that the movement to register tax return preparers will continue.

Getting a handle on 2008 year-end tax planning is especially challenging this year because of several areas of uncertainty.

The Securities and Exchange Commission plans to hold the first of two roundtable discussions on mark-to-market accounting and current market conditions on Wed., Oct. 29, at 9 am ET.

The Internal Revenue Service said personal exemptions and standard deductions would rise in 2009 to keep pace with inflation, providing more than three dozen tax benefits.

Two of the Internal Revenue Service's newest modernized computer systems were deployed with known security vulnerabilities that could expose confidential taxpayer information, according to a new report from the Treasury Department's inspector general.

Former Securities and Exchange Commission Chairman Arthur Levitt blamed recent SEC actions for contributing to the credit crisis and urged legislators to expand fair value accounting.

Presidential candidate Sen. John McCain, R-Ariz., and his rival Sen. Barack Obama, D-Ill., have proposed differing tax and retirement plan measures to deal with the economic downturn.

The Internal Revenue Service has explained how eligible homeowners who received federal reimbursement grants stemming from Hurricanes Katrina, Rita or Wilma can take advantage of a new tax provision.

The Tax Court has amended its rules of rules of practice and procedure for whistleblower actions, making it easier for informants to keep their identities confidential.

The Internal Revenue Service issued a last-chance warning that only a few days remain until the Oct. 15 deadline for retirees and disabled veterans to file an income tax return that will allow them to receive an economic stimulus payment this year.

A new audit by the Treasury Inspector General for Tax Administration has found security weaknesses on each of the three computer systems it reviewed in the Office of Research, Analysis and Statistics.

Sen. Hillary Rodham Clinton, D-N.Y., has proposed a $150 billion Emergency Stabilization Fund to help small businesses, universities, students and municipalities cope with the credit crisis, with the money coming from the $700 billion financial bailout package.

The Internal Revenue Service issued a notice late last week that allows U.S. corporations to get more tax-free loans from their foreign subsidiaries.

Representatives of the McCain and Obama camps sparred politely at a Presidential Tax Forum sponsored by the New York State Society of CPAs.

The financial rescue plan approved by Congress last week included many extensions of expiring tax credits and deductions that helped it win passage in the House, but it also left out some tax issues that will surely be bones of contention for the next Congress.

The passage of the financial rescue plan by Congress last week depended in part on the insertion of a provision on reevaluating the fair value accounting standards, which could come back to bite the same lobbyists who urged its inclusion.

The Internal Revenue Service said that certain lean-burn technology vehicles now qualify for the alternative motor vehicle tax credit.

New data from the Internal Revenue Service suggests that American corporations controlled by foreigners are now responsible for a larger share of total U.S. corporate assets and earnings than ever before - despite a U.S. corporate tax rate that is among the highest in the world.The most recently released IRS Statistics of Income bulletin revealed that the total receipts of foreign-controlled domestic corporations in 2005 reached $3.5 trillion, which is $450 billion more than in 2004, twice the 1996 level and almost 90 times the level reported in 1971.