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 Justice Department has filed suit against a Detroit tax preparer to keep her from preparing federal tax returns for others, accusing her of cheating her clients.
September 12 -
Senate Finance Committee Chairman Max Baucus, D-Mont., has proposed a series of measures intended to provide tax relief and disaster assistance to farmers and ranchers as part of a revamped farm bill.
September 12 -
David Amir Makov, one of the remaining defendants in the KPMG tax shelter case, pleaded guilty in Federal District Court in Manhattan to one count of conspiracy to commit tax fraud and agreed to cooperate with prosecutors.
September 11 -
Congress held hearings last week on a grab-bag of tax topics, including carried interest, the effect of the Bush administration tax cuts, and the rapidly expanding reach of the alternative minimum tax, but neither of the other two issues is the ticking time bomb that the AMT presents.
September 11 -
The Internal Revenue Service is not doing enough to match incorrect or missing identification numbers on income and wage statements with existing tax accounts, potentially costing the U.S. Treasury billions in lost revenue, charged a Treasury Department watchdog.
September 11 -
The House of Representatives voted 220-175 to overhaul patent rules and place a ban on tax-planning method patents.
September 10 -
Of the roughly one hundred thousand cases a year that go before the Internal Revenue Service Appeals Division, more than 80 percent get resolved without going to litigation. That by itself is a good reason for tax professionals to utilize the appeals process, according to Sarah Ingram, chief at the IRS Appeals unit."We see large taxpayers, small taxpayers, individuals. We see large-dollar figures, any topic under the sun," she said. "Almost half of those cases come from the Collection Division, including either collection due process or offers-in-compromise kinds of activities."
September 9