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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On a day when Treasury Secretary Henry Paulson and six major banks announced a 30-day moratorium on foreclosures on some types of property, the Internal Revenue Service said homeowners whose mortgage debts were partially or entirely forgiven could claim relief on a newly revised IRS form.
February 13 -
Now that clients have received their W-2 forms from their employers, we’re starting to get into the main part of tax season.
February 13 -
The Internal Revenue Service has released the Corporation Source Book, which presents balance sheet, income statement, tax and other statistics across various industrial sectors.
February 12 -
Michael Jackson has finally settled the outstanding $600,000 property tax debt on his Neverland Ranch.
February 11 -
Two large computer servers belonging to the District of Columbia tax office were found in a trash alcove behind a Ruby Tuesday restaurant.
February 11 -
The U.S. District Court for the Western District of Texas has barred Thell G. Prueitt of Kingsland, Texas, from preparing federal tax returns for others and from promoting various tax fraud schemes, said the Justice Department.
February 11 -
Unreported income from the cash economy and late-year Tax Code changes are the focus of the first of this year's two reports to Congress by National Taxpayer Advocate Nina E. Olson.In her report, Olson proposed a comprehensive strategy to address tax noncompliance in the cash economy, which accounts for the largest portion of the tax gap. The report identifies the lack of progress in addressing cash economy noncompliance as a most serious problem.
February 11