Tax

Secretary of Health and Human Services nominee Kathleen Sebelius became the latest prospective Cabinet member to run afoul of the Tax Code after she admitted to recently paying $7,040 in back taxes and $878 in interest.

The Treasury Department has opened its ballyhooed Web site that will allow ordinary citizens to keep an eye on efforts to stabilize the financial system.

In order to include provisions in the recently enacted American Recovery and Reinvestment Act of 2009, the Tax & Accounting business of Thomson Reuters has updated its Planner CS program.

The Congressional Research Service has found that both the Senate and House bills that seek to tax bonuses paid to employees of entities receiving assistance from the federal government under the Economic Stabilization Act of 2008 may have constitutional problems.

President Barack Obama has nominated a California professor, Helen Elizabeth Garrett, as his Assistant Treasury Secretary for Tax Policy.

An Internal Revenue Service employee has been charged with illegally accessing IRS computers to obtain information on taxpayers and filing false tax returns in their names.

Senate Finance Committee Chairman Max Baucus, D-Mont., has announced legislation that would make existing tax breaks permanent for working families and individuals.

As part of its plan to generate intelligence on accountants, bankers and lawyers who help clients evade U.S. taxes by hiding money in offshore accounts, the Internal Revenue Service will grant leniency to those who volunteer to pay taxes on overseas accounts in exchange for information on who aided them in hiding the money.

Prosecutors maintain that two former executives of Big Four firm KPMG should be sentenced as much as 24 years in prison for their part in marketing illegal tax shelters.

The Obama administration will ask the Economic Recovery Advisory Board, led by former Federal Reserve Chairman Paul Volcker, to form a task force to recommend an overhaul of the tax code.