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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Conceding that a full-blown repeal of the alternative minimum tax may now be near-impossible, representatives of the nation's enrolled agents urged Congress to place new restrictions on the type of tax preparers authorized to prepare AMT returns."Repealing the full AMT would be a huge step in the simplification of the Tax Code, but one that may no longer be in the cards," EA Frank Degen told the Senate Finance Committee on behalf of the National Association of Enrolled Agents. "Practically, we admit that full repeal of the AMT may be a bridge too far for Congress to cross."
August 5 -
PRIVATE COLLECTION PROGRAM SURVIVES HOUSE VOTEBy a margin of 240-179, House lawmakers approved funding for the Internal Revenue
August 5 -
It is always difficult to get the Supreme Court to review a case, but this seems especially true for tax cases. The recent court term just ended proved to be no exception. Of several cases practitioners were hoping that the court would accept, only one received a grant of certiorari in the closing days of the term.It is the decisions for which the court grants certiorari where the fight, and the hope, goes on. It is, however, in the cases with respect to which certiorari is denied where taxpayers must finally face the facts or explore other remedies.
August 5 -
Connecticut Governor Jodi Rell vetoed a bill that would have allowed Connecticut to set its own accounting standards."I have serious concerns about the potential fiscal impact this bill may have," said Rell. "The plain language of this bill would allow the comptroller to issue financial statements in whatever standards she prescribed."
August 5 -
Fewer taxpayers took advantage of the Internal Revenue Service's free electronic tax return filing service in 2007 than in previous years, according to a new audit report released by the Treasury Inspector General for Tax Administration.Moreover, the audit identified multiple calculation errors made by the commercial software of Free File Alliance firms.
August 5 -
The Internal Revenue Service outlined the steps it plans to take to close the approximately $290 billion tax gap by encouraging more people and businesses to voluntarily pay what they owe the government, but it still faces an uphill battle.
August 2 -
The American Institute of CPAs scored a victory this week in convincing House lawmakers to remove a provision in the Farm Bill Extension Act of 2007 that it feared could jeopardize the business of CPAs in farming communities.
August 2