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.
-
Potential Republican presidential candidate Fred Thompson has written a letter indicating that he would be willing to support an overhaul of the Tax Code called the FairTax, which could replace the income tax system and all payroll taxes with a non-regressive national retail tax.
August 15 -
The Treasury Department and the Internal Revenue Service have issued notices warning about two kinds of transactions that could arouse their interest: "toggling" grantor trusts and contributions of a successor member interest in a limited liability company.
August 14 -
At least 61 percent of sole proprietor companies are underreporting their net business income, but a small proportion of them account for the bulk of understated taxes, according to a report by the Government Accountability Office.
August 14 -
The Internal Revenue Service and the Treasury Department's Office of Tax Policy have released a "priority guidance plan" for 2007-2008, outlining the 303 projects they plan to complete through June 2008.
August 13 -
An Atlanta federal court has permanently barred two Jackson Hewitt franchise employees from preparing taxes for others.
August 12 -
CCH and H&R Block signed an agreement that gives Block tax preparers and franchisees access to tax-training courses from the online CCH Learning Center.
August 12 -
A federal court has permanently barred a Queensbury, N.Y., man, Robert L. Schulz, and his organizations, We the People Congress and We the People Foundation, from promoting a tax scheme that encouraged businesses to stop withholding taxes from their employees' wages.
August 12