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 introduced a Voluntary Closing Agreement Program that will help financial firms avoid harsh penalties for violating federal tax laws on arbitrage investment restrictions for municipal bonds.
August 30 -
The Internal Revenue Service appointed four people to high-ranking positions at the agency.
August 29 -
Rep. John Dingell, D-Mich., said he plans to issue a proposal when Congress returns from recess that would impose stiff new taxes on gasoline and end the mortgage interest tax deduction on "McMansions," or homes greater than 3,000 square feet, as a way to discourage over-consumption of fuel.
August 28 -
CCH's Small Firm Services unit introduced software that lets tax professionals scan W-2, 1099 and other information forms directly into clients' tax returns.
August 28 -
The Internal Revenue Service has problems with its tax return preparation assistance, but still offers helpful advice with tax laws, said a report issued by a Treasury Department watchdog group.
August 28 -
Sen. Charles Schumer, D-N.Y., has written letters to the Big Four accounting firms asking what they are doing to let their financial institution clients know about waivers on mortgage accounting standards that could let borrowers refinance their loans.
August 28 -
Republican presidential candidate Rudolph Giuliani announced his tax proposals, saying he would make the Bush administration tax cuts permanent, eliminate inheritance taxes and reduce marginal tax rates.
August 27