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 Internal Revenue Service may start adjusting tax penalties for inflation to make sure the penalties retain their bite.
September 24 -
The Internal Revenue Service has been called on to develop federal licensing requirements for all paid tax return preparers - an approach that would involve potentially controversial competency rankings to help taxpayers to identify and select tax professionals based on their level of expertise.The proposal was recently placed on the table by the IRS's own Taxpayer Advocacy Panel as part of a laundry list of recommendations for improvements at the tax service.
September 23 -
Maximizing contributions to retirement savings plans is a priority with which few people would disagree. When money is needed for life's more immediate necessities or deemed necessities, however, retirement savings for that "distant future" may get squeezed out - at least temporarily.But even during those times when every dollar of salary may be called upon to satisfy an immediate need (or if salary itself is in short supply), tax-preferred retirement savings do not necessarily need to grind to a halt. Through gifts from one family member to another, or through moving regular savings into retirement savings, tax-preferred retirement savings opportunities need not be lost.
September 23 -
The Internal Revenue Service is not doing enough to control system administrator accounts on its computers, putting taxpayer information at risk, according to a new report.
September 23 -
New proposed Internal Revenue Service regulations to determine the value of a taxable estate may create a series of traps for unwary executors and tax preparers, according to the American Institute of CPAs.Moreover, the regulations lead to the situation where an estate must be held open for a number of years to determine the amount of the deduction for a contingent obligation.
September 23 -
Companies that send employees on extended international business trips and short-term international assignments face tax and immigration risks, according to a survey by KPMG's International Executive Services practice.
September 20 -
The Justice Department has sued a tax preparer from Charlotte, N.C., to prevent him from preparing federal tax returns for others, alleging that he abused the federal fuel tax credits.
September 20