Tax

IRS OFFERS GUIDANCE ON ARSWashington, D.C. - The Internal Revenue Service issued a revenue procedure that provides guidance on the treatment of taxpayers who accept certain types of settlements of potential legal claims relating to auction rate securities.

Tax-related measures will be on the ballots of at least 23 states on Tuesday, and they could have far-reaching ramifications.

The Deloitte Foundation has announced the regional winners of the Deloitte Tax Case Study Competition, an interscholastic competition that brought together nearly 60 teams from colleges and universities in 11 cities across the country in October to tackle complex tax case studies.

Learn what practitioners should be focusing on in their upcoming year-end and general tax planning with both individual and corporate clients in this free webcast.

The financial rescue plan approved by Congress 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."It's safe to predict that not much will happen in a lame duck session," said Tom Ochsenschlager, vice president of taxation at the American Institute of CPAs.

The Internal Revenue Service distributed roughly $1.6 billion in refunds to taxpayers who filed falsified tax returns in 2006 and 2007, despite efforts to stop them, according to a new report from the Treasury Department's inspector general.

The Internal Revenue Service plans to increase the fee for obtaining an exact copy of a previously filed and processed tax return with all the attachments.

Online sales tax management provider SpeedTax is partnering with consultancy TaxConnex to offer sales tax automation and consulting services to business clients.

The Treasury Department and the Internal Revenue Service have issued guidance on indirect ownership of preferred stock in mortgage lenders Fannie Mae and Freddie Mac.

The American Institute of CPAs has appointed Alan Einhorn, national director of Deloitte Tax LLP's Quality Assurance Group, as the new chair of its Tax Executive Committee.