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 Internal Revenue Service announced that taxpayers are continuing to file their tax returns electronically from home computers at a record pace, up almost 7 percent from the same period last year.
March 5 -
For the past year, the Securities and Exchange Commission has been investigating how Google accounted for its income taxes, according to the online search giant’s 2006 annual report.
March 5 -
The Internal Revenue Service announced that farmers and fishermen affected by the mid-February snowstorms could ask the agency to waive any estimated tax penalties.
March 2 -
The Tax Court has ruled that although a taxpayer spent more than 1,000 hours playing video poker in 2003, he was not a professional gambler.As part of its decision, the court implied that playing video poker might never constitute a trade or business under Section 162 of the tax code. After noting that the petitioner, a Chicago building operating engineer, never adjusted his gaming strategy even when it became apparent that he never had a winning year, the court also said that it remained unconvinced that the petitioner’s gambling activity meets the standard for being a trade or business.
March 2 -
Responding to extension requests, restaurants and bars will have a few extra months -- until June 30 for this year only -- to elect to participate in the Internal Revenue Service’s Attributed Tip Income Program.
March 1 -
Any given week, it seems that there are plenty of PR people out there circulating trend surveys that -- to put it kindly -- are built on somewhat a dubious foundation.
February 28 -
Of the nearly 2,500 missing children whose pictures have appeared in the paper versions of tax forms over the past five years, 87 have been located thanks to leads generated by taxpayers, according to a recent report from the Treasury Inspector General for Tax Administration.Since 2000, the Internal Revenue Service has partnered with the National Center for Missing and Exploited Children to help locate missing children by publishing their pictures in printed instructions and publications as part of the IRS Picture Them Home Program.
February 27