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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The lead defendant in a nationwide $60 million tax fraud conspiracy was sentenced to more than 18 years in prison.
October 5 -
A case currently on appeal to the Supreme Court could affect the tax-exempt status of thousands of nonprofit health maintenance organizations.Vision Service Plan, the largest not-for-profit vision benefits and services company, was initially granted a tax exemption in 1960 as a social welfare organization under Section 501(c)(4).
October 5 -
Nearly a third of the income tax returns prepared by volunteer preparers for an IRS program were incorrect, according to a report by the Treasury Department's inspector general.
October 2 -
The Treasury's financial rescue plan includes a tax change that would allow banks to treat Fannie Mae and Freddie Mac preferred stock as ordinary losses.
October 2 -
The House approved the $700 billion financial industry rescue package by a 263-171 margin on Friday, after defeating it on Monday.
October 2 -
Congress should consider making all taxpayers reporting rental real estate activity subject to the same information reporting requirements as other taxpayers with a trade or business, according to the Government Accountability Office.
October 1 -
While the Treasury bailout seems to be heading toward another vote this week, the state of the alternative minimum tax patch and the various tax extenders now seems in doubt.
September 30