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 New York State Society of CPAs has installed David A. Lifson as its new president, while the Virginia Society of CPAs has selected Monique T. Valentine as chair of its board of directors for the upcoming year.
May 22 -
The Supreme Court has ruled that only the U.S. Tax Court can review refusals by the Internal Revenue Service to reduce interest payments on people who underpay their taxes.
May 21 -
Internet tax research, once a novelty, is now the standard, with a number of publishers offering publications that are only available online."We still subscribe to some paper products, but using the Web-based versions is much more efficient," said Cindy Hockenberry, tax information analyst at the Appleton, Wis.-based National Association of Tax Professionals. "The transition in going from paper to online was not as difficult as we anticipated. Books are still useful where you know where a topic is that you researched before, but the search engines on the different platforms make up for that. And it's incredibly helpful to have immediate access to all the cross references that you might not have thought about."
May 20 -
GAO TO IRS: FORGET SOFTWARE DEVELOPMENTThe Government Accountability Office said that the Internal Revenue Service doesn't appear to be in a position to develop its own software for tax preparation anytime soon.
May 20 -
H&R Block Inc. announced that its new bank opened more than 2 million prepaid card bank accounts by the end of the 2007 tax season, doubling the company’s original projection.
May 20 -
The Internal Revenue Service is reportedly after Golden State Warriors owner Chris Cohan for some $160 million in back taxes.Cohan, a former cable television mogul, has been legally fighting with the agency for years over the 1998 sale of his former company, Sonic Communications.
May 20 -
The popularity of S corporations has skyrocketed, with the number of businesses opting for them rising from 725,000 in 1985 to more than 3 million, according to the most recent statistics.And that growth is well-deserved, according to Richard Thompson, of the CPA and business advisory firm Sikich LLP. "S corporations have become such an important business vehicle because taxpayers understand their extreme value," he said.
May 20