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 Free File Alliance has sent a letter to the Senate Finance Committee, expressing concerns about a proposed government-funded Web portal that the alliance says is aimed at eventually providing tax preparation and e-filing services.
May 29 -
The supplemental budget legislation signed into law on May 25 did more than just give the green light to funding for the ongoing war effort in the Middle East.
May 29 -
Two bills circulating on Capitol Hill are looking at different ways to generate tax revenue from the Internet.
May 28 -
A U.S. appeals court told the judge overseeing the KPMG tax shelter cause that if he believes federal prosecutors violated the rights of former KPMG employees he should toss the entire case.
May 24 -
The Internal Revenue Service announced that the commissioners of the Australian, Canadian, U.K., and U.S. tax administrations will open a second office of the Joint International Tax Shelter Information Center in London this fall.The commissioners have said that exchanging information in real-time is making a significant difference to the complex task of tracking tax avoidance and abusive cross-border transactions. In recent months, center members have identified and challenged the following fraudulent arrangements:
May 24 -
National Taxpayer Advocate Nina E. Olson announced that the Internal Revenue Service has awarded almost $8 million in matching grants to Low-Income Taxpayer Clinics for the 2007 grant cycle.
May 23 -
Federal prosecutors won’t pursue the Texas law firm of Sidley Austin LLP for its part in signing off on sketchy tax shelter structures.
May 23