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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After the release of a stinging report criticizing the Internal Revenue Service for shutting down the TeleFile program, leading members of the Senate Finance Committee lashed out at the IRS's decision.
July 24 -
Accounting firm BDO Seidman saw its revenue increase $31 million to $589 million in the fiscal year ended June 30, 2007.
July 24 -
Members of Congress have been calling for raising taxes on the profits of private equity firms and hedge funds, along with taxing the incomes of their top managers at the same rate as managers of corporations.
July 24 -
United States v. Stein, a U.S. District Court for the Southern District Court opinion (July 17, 2007) by District Judge Lewis Kaplan, is fascinating reading, and may have significant implications for a number of firms.
July 23 -
A former tax return preparer has been sentenced to 151 months in prison for participating in a tax fraud scheme to hide income and assets in bogus trusts, according to the U.S. Justice Department.
July 23 -
TIGTA Questions IRS's Questionable Refund ProgramWASHINGTON, D.C. - A new Treasury Inspector General for Tax Administration audit has found that changes in the Internal Revenue Service's Questionable Refund Program, along with a significant technological failure, dramatically decreased the effectiveness of the program for the 2006 filing season.
July 22 -
U.S. Treasury Secretary Henry Paulson plans to convene a conference in the coming week that could lead to an overhaul of the corporate tax system and a cut in corporate taxes.
July 22