Tax
Tax News & IRS Insights for Accounting Professionals
Accounting Today delivers news and analysis for accounting and tax professionals on federal and state tax developments, IRS guidance,information reporting, and operational implications for practices and clients. Our coverage focuses on legislative and procedural shifts that tax practitioners must monitor in planning, compliance, and advisory contexts.
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New estimates from Congresss Joint Committee on Taxation indicate that millionaires would benefit a disproportionate amount from extending the tax cuts for income at all levels.
July 23 -
A new study estimates that at least $21 trillion and up to $32 trillion of unreported private financial wealth has been hidden by wealthy individuals in secret tax havens at the end of 2010, a sum equivalent to the size of the U.S. and Japanese economies combined.
July 23 -
The American Institute of CPAs has recommended a modification to Internal Revenue Service guidance that governs the treatment of retail gift cards when the issuance and redemption of a card is handled by financially unrelated entities.
July 20 -
Its not just the presence of taxes, its the anticipation of the future tax landscape that plays a decisive role in decisions made by small businesses.
July 19 -
Faced with possible dissent in their party, U.S. Senate Democrats are dropping estate tax language backed by President Barack Obama from their proposal to extend most George W. Bush-era tax cuts through 2013.
July 19 -
Democrats on the House Ways and Means Committee have introduced a bill to provide tax credits to businesses that brings jobs and business operations back to the U.S. from abroad.
July 19 -
The Internal Revenue Service is sending out warning letters to paid tax preparers who fail to submit Form 8867 checklists with tax returns that claim the Earned Income Tax Credit.
July 19
