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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House Ways and Means Committee Chairman Charles Rangel, D-N.Y., has introduced a bill to help struggling homeowners with a refundable tax credit, even as a bipartisan Senate bill faced a threatened veto from the Bush administration.
April 8 -
The Senate passed an amendment to the compromise housing bill that will allow money-losing businesses to elect to use accumulated alternative minimum tax credits and research and development credits early.
April 7 -
The Internal Revenue Service has been getting an average of more than 50,000 extra phone calls per day as a result of questions about the economic stimulus payment, and has received 379,000 tax returns from individuals filing solely to receive the stimulus payment.
April 7 -
The Internal Revenue Service said it would open many of its offices for another Saturday to help taxpayers who don't normally file tax returns receive their economic stimulus payments.
April 7 -
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A Cambodian-American tax preparer and accountant from Long Beach, Calif., went on trial in a Los Angeles federal court for plotting to take over Cambodia with a group of freedom fighters.
April 6 -
Financial Web site myStockOptions.com has opened an online Tax Center that explains issues related to equity compensation for tax year 2007.
April 6