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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One technique for giving better focus to tax planning in a new year is to look back at the old one. Our column for this issue of Accounting Today uses this strategy, looking at significant 2008 tax developments from the perspective of their impact on tax planning in 2009.In examining 2008 developments for this review, we found that our results fit neatly into a Top 10 list - coincidentally, long a staple of New Year's forecasting. Our list gathers significant 2008 tax developments based on their impact on certain issues or themes. Our list focuses only on those developments that have an impact on strategies that may be implemented in 2009 - that's the reason why a significant amount of tax legislation didn't make the list, but also the reason why some letter rulings and similar types of developments made the cut.
January 5 -
CCH has added a state tax citation capability to its state tax research products.
January 2 -
A Tax Court judge has ruled that taxes on elderly gamblers' casino winnings are not discriminatory.
January 2 -
Financial statement services, especially those involving audits, third-party creditors, and fraud, produce the largest claims in terms of total dollar amounts incurred (severity), according to a new report from insurer Camico. Tax claims are the most frequent, but audit claims are typically the most severe. When review and compilation claims are added to the mix, it becomes evident that financial statement services have had the largest magnitude in claims dollars.Tax issues involving income tax, estate tax, and entity selection (Sub-C or S) are frequently prone to claims. Tax engagements represent 56 percent of all CAMICO claims when measured by frequency. More is at camico.com.
January 1
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Accounting firm Eisner LLP has formed a Tax Recovery Assistance Task Force to help investors who have suffered losses as a result of Bernard Madoff's fraudulent investment scheme.
December 31 -
Accounting firm Rives & Associates has merged in Allen & Woodall, another firm in North Carolina.
December 31 -
Once again it’s the time of year for me to make resolutions that I probably won’t keep for five minutes.
December 31