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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Tax prep chains H&R Block and Jackson Hewitt said they are not concerned by the Internal Revenue Service's proposals to restrict the marketing of refund anticipation loans and require consent before tax preparers can share taxpayer information with third parties.
January 7 -
Glass Jacobson, a wealth management and CPA firm, has acquired Finkelstein & Geser, another firm also based in Owings Mills, Md.
January 7 -
FedEx said it is preparing to meet with an audit team from the Internal Revenue Service to discuss the IRS's tentative conclusion that FedEx should reclassify its delivery drivers as employees rather than independent contractors.
January 7 -
Tax Compliance Inc. has released version 4.0 of its Property Tax Management System with new features for processing tax bills, creating customized reports, linking to external files, and handling airline property.
January 7 -
The alternative minimum tax isn't the only tax that will continue to surprise taxpayers if Congress fails to act on its repeal. The estate tax, currently set to expire in 2010, will return with a vengeance to a full 55 percent in 2011 if Congress does nothing.The Joint Committee on Taxation estimated that in 2009 there will be 9,600 estates subject to the estate tax. While that number falls to zero in 2010, it will jump to nearly 62,000 in 2011, with increases every year thereafter.
January 7 -
Since this is our first column of the New Year, it may be particularly appropriate to look back into 2007 to try to predict some of what will happen in 2008. The history of important tax developments that took place in 2007 is rich and varied. Shakespeare's "What is past is prologue" was never so apt.In that spirit, we have selected 10 developments as standouts in terms of their impact on the future, and especially on 2008 tax strategies. We explain each of these top 10 below. And, of course, respecting the difficulty of prioritizing just 10 2007 tax developments as most significant, we conclude by listing several more as runners up!
January 7 -
Intuit said its Lacerte and ProSeries professional tax prep products would flag any returns that cannot be filed until mid-February because of the delayed patch for the alternative minimum tax.
January 4