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 its financing partners decided that they would be leaving the line of business, Jackson Hewitt Tax Service Inc. announced that it will stop offering "pre-season" refund anticipation loans.Unlike other tax-refund anticipation loans that are made after a taxpayer has filed their return, the pre-season loans were made to people before they filed, based on their pay stubs. In January, Jackson Hewitt paid $5 million to settle charges brought by California Attorney General Bill Lockyer, who was joined by consumer advocates in alleging that the high-interest loans were used to take advantage of low-income consumers.
April 11 -
A former manager for the Grateful Dead has been sentenced to five years in federal prison for tax evasion.Ronald Leon Rakow, 69, was ordered to begin his prison term in June for evading payment of $2.2 million in taxes owed to the Internal Revenue Service, the U.S. attorney's office said.
April 11 -
The Internal Revenue Service announced that more than 1 million business taxpayers have electronically filed tax returns so far this year.
April 11 -
The Internal Revenue Service has begun to urge taxpayers who need additional time to complete their tax return to submit their request for an automatic extension electronically by April 17.
April 10 -
For the procrastinators among us -- well, for those of us who don’t prepare taxes for a living, of course -- the concerns of tax season probably didn’t take hold until recently.
April 10 -
The Treasury Department and the Internal Revenue Service issued final regulations on the treatment of nonqualified deferred compensation plans and arrangements under Section 409(a) of the tax code.
April 10 -
The Internal Revenue Service has updated the list of areas included as being within the "North American area," referred to in Section 274(h) of the Internal Revenue Code.The section of the tax code limits deductions for expenses incurred in connection with a convention, seminar, or similar meeting held outside the “North American area.” In a recent revenue ruling, the agency updated the list of all geographical areas currently included in the North American area for purposes of the section.
April 9