Tax

Practitioner groups are taking their members’ concerns to Washington.

A federal court in Minneapolis has found Wells Fargo liable for a 20 percent negligence penalty for participating in a tax shelter sold by Barclays Bank that generated $350 million in foreign tax credits.

The Big Four firm will offer tax analysis, research and newsletters through the Wolters Kluwer product.

The Internal Revenue Service had to roll out a manual process last year to provide advance payments on Health Coverage Tax Credits every month to health plan administrators on behalf of displaced workers and retirees, but it mistakenly provided the tax credits for thousands of people who were old enough to qualify for Medicare.

The Treasury Inspector General for Tax Administration has concerns about the Internal Revenue Service’s recently revived private debt collection program in light of the ongoing problem of scammers pretending to be IRS employees calling taxpayers to demand bogus tax debts be paid immediately.

Trump's budget aims to cut approximately $3.6 trillion in spending, in part from eligibility changes for the Earned Income Tax Credit and Child Tax Credit.

The Texas legislature has passed a bill granting an exemption to CPA firms allowing them to provide a limited amount of insurance services to clients without being subject to sales taxes.

House Speaker Paul Ryan says he agrees that his proposal for a border-adjusted tax needs to be changed if it’s to pass Congress, but he said he’s not giving up on the idea.

Presidents have long used creative math and budget gimmicks to create the illusion that the trillions of dollars in spending they propose will somehow wind up reducing the deficit. Donald Trump’s $4.1 trillion budget is especially ambitious: It combines many of the tricks his predecessors tried over the years, and adds a few of his own.

The IRS will conduct its annual Memorial Day systems maintenance beginning Friday, May 26, at 6 p.m. EDT and ending on Tuesday, May 30, at 5 a.m. EDT.