Tax regulations

Greatland Corporation has compiled a list of misconceptions when it comes to tax-reporting requirements. Failing to understand the real truth behind these myths can cost a business extra money to file again or, even worse, to pay steep fines if reporting is not done in compliance with regulations.

College hoops fans will be filling in their brackets this month for the March Madness betting, but many may not be aware of the tax rules surrounding gambling wins and losses. The Illinois CPA Society has some tips from the pros who know how to make the layups.

The American Institute of CPAs recommended the Treasury Department and the Internal Revenue Service make a number of changes to improve the Offshore Voluntary Disclosure Program and the Streamlined Filing Compliance Procedures that allow U.S. taxpayers to voluntarily disclose previously unreported offshore assets and comply with U.S. tax laws.

Democratic presidential candidate Hillary Clinton proposed rescinding tax relief and other incentives retroactively for U.S. companies that move jobs and operations overseas.

The Treasury Department has issued a newly revised U.S. Model Income Tax Convention to provide the baseline text it will use when negotiating tax treaties with other countries. It was last updated in 2006.

For several years, researchers have been sending people into tax preparation offices to test the quality of the work. The results have been scary.

The Internal Revenue Service has issued inflation adjustments for several tax breaks involving schoolteacher expenses, transit fringe benefits and Section 179 expensing of certain depreciable assets.

With many of the largest U.S. college endowments at record values, two congressional committees that determine tax policy jointly opened an inquiry about how the wealthiest schools manage and spend those funds.

The Internal Revenue Service has issued the maximum vehicle values for 2016 that taxpayers need to determine the value of personal use of employer-provided vehicles.

Accounting firms that prepare the taxes of companies they also audit tend to steer away from dubious tax deductions, according to a new study.