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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Have you heard the joke about the sales tax audit? No one has.There is nothing funny about a sales tax audit.
July 22 -
Summertime brings with it the "high season" for clients who are seriously considering purchasing vacation homes, or switching from one vacation home to another.The majority are looking to take advantage of certain tax breaks to help them carry the property. For others, tax savings are an added bonus to validate their decision. In either case, tax advisors often get a hurried call to explain the options.
July 22 -
IRS National Taxpayer Advocate Nina E. Olson delivered a report to Congress on her main priorities for the coming fiscal year, and at the top of the list is improving taxpayer services.
July 19 -
The Justice Department has filed a suit asking the U.S. District Court for the Southern District of Florida to permanently bar a pair of South Florida tax preparers who allegedly have been fabricating deductions and credits.
July 19 -
Judge Lewis A. Kaplan, who dismissed charges against 13 of the defendants in the KPMG tax shelter case earlier this week, has issued a temporary stay on his own decision.
July 19 -
The Public Company Accounting Oversight Board said it plans to hold a meeting to consider a new ethics and independence rule concerning communication with audit committees.
July 19 -
The House Ways and Means Committee voted along mainly party lines to repeal the ability of the Internal Revenue Service to enter into private debt collection contracts, with a vote of 23 to 18 on the Democratic-backed bill.Under current law, the IRS can use private debt collection companies to find and contact taxpayers who owe outstanding tax liabilities and arrange payment. The companies can keep up to 25 percent of the amount collected, and the IRS can retain another 25 percent for additional enforcement activities. The Tax Collection Responsibility Act of 2007 would repeal that authority, which critics fear could lead to abusive tax collection practices.
July 18