Tax

The U.S. Tax Court has again rejected a taxpayer’s attempt to pin the blame for their negligent tax return on tax preparation software.On Nov. 9, the court handed down an opinion finding against a petition filed in New Jersey by Henry R. Broderick.

A partnership between Wolters Kluwer business CCH and consulting firm National Tax Credit Group LLC will allow the companies to offer online delivery of federal and state location-based incentive information.

Democratic leaders are already making promises that the future of the alternative minimum tax will be the focus of the debate over next year's budget, according to published reports.

The Internal Revenue Service announced increases in user fees for installment agreements.The increases -- the first since the fees were implemented in 1995 -- result from increases in labor and other costs of processing the various applications.

Internal Revenue Service Commissioner Mark Everson announced the of two new deputy commissioners, in personnel moves effective Dec. 1.Kevin Brown, currently the commissioner of the IRS Small Business and Self-Employed Division, will become deputy commissioner for Services and Enforcement, responsible for overseeing the agency’s four operating divisions, Criminal Investigation and the Office of Professional Responsibility.

My fifth grade teacher was, in, simplistic terms, an angry dolt who never should have been allowed in front of a classroom of impressionable young minds.

Despite an environment that’s putting increased scrutiny on corporate finances, the tax and finance functions of many companies still aren’t on the same page, according to a new research study.According to “Building a More Effective Tax Function,” a report prepared by CFO Research Services and Hudson Financial Solutions, large gaps exist between tax professionals’ and finance professionals’ perceptions of how the tax function performed and what the group’s priorities are.

Personal exemptions and standard deductions will rise, tax brackets will widen and income limits for individual retirement accounts will increase in 2007, due to inflation adjustments announced by the Internal Revenue Service.

The Tax Court reaffirmed that proceeds from the sale of a right to future annual lottery payments constitutes ordinary income, not capital gain, after reviewing two test cases involving winners of the Florida State Lottery.

Merck & Co. disclosed four separate tax disputes that have combined potential liabilities for the drug maker of more than $5.5 billion.