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.
-
A federal court in Salt Lake City has sentenced a trio of men to more than 29 months in jail in connection with the promotion and sale of a tax and investment fraud scheme to more than 300 clients.All three defendants pleaded guilty to a felony charge of conspiracy to defraud the United States and to committing mail and wire fraud in connection with the promotion of the tax and investment fraud scheme.
January 26 -
The Texas State Board of Public Accountancy has stayed its license suspension of KPMG LLP in connection with the Big Four firm’s sales of questionable legal tax shelters.In a consent order approved by the board, KPMG’s license was suspended for five years -- although the stay order means that the firm will be placed on probation for the next three years.
January 26 -
A domestic focus of President Bush’s State of the Union address was a proposal aimed at expanding access to affordable health insurance that faces a tough political road to becoming reality.
January 25 -
Thanks to a seldom-observed holiday, the Internal Revenue Service announced that taxpayers will have until April 17, to file their 2006 returns and pay any taxes due.
January 25 -
Swiss finance officials are stepping up talk of raising taxes on the rich foreigners who use the country and its lax residency requirements as a tax haven.
January 24 -
In response to requests from Congress, the Government Accountability Office has released a new report outlining a trio of approaches that would reduce the tax gap.
January 24 -
Speaking at a New York State Society of CPAs conference earlier this week, Conrad Hewitt declined to speak in absolutes when it came to across-the-board implementation of the Sarbanes-Oxley Act’s infamous Section 404.The Securities and Exchange Commission chief accountant avoided absolutes when speaking on the question of compliance for micro-cap companies -- the first time that I’ve heard a federal regulator hedge their bets on implementation that’s currently planned for 2008. It would be far from the first deferral for companies will market capitalizations under $75 million -- but the first ray of hope for those small companies since the SEC declined to strongly move forward on a number of recommendations outlined last year by an advisory committee.
January 24