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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Officials in Kansas City, Mo., told a local paper that more than two dozen computer tapes containing confidential taxpayer information are missing.
January 23 -
The Internal Revenue Service has launched a new Internet-based version of its popular Exempt Organizations Workshop covering tax compliance issues confronted by small and midsized tax-exempt organizations, including charities and churches.
January 23 -
More than a dozen senators have signed on to sponsor a bill that would stop the Internal Revenue Service from using private debt collectors to collect unpaid taxes.
January 22 -
Washington radio station WTOP has reported that the federal government is still chasing down nearly $2.8 billion in taxes from its own employees.Based on documents obtained by the station through Freedom of Information Act requests, WTOP reported this week that more than 450,000 active and retired federal employees did not voluntarily comply with federal income tax requirements for the 2005 tax year.
January 22 -
With just about every politician in Washington in agreement that some permanent fix needs to be made to the alternative minimum tax, the Tax Policy Center has released a report outlining a number of possibilities.Created as a parallel tax structure in 1969 that was aimed at preventing the super-rich from using deductions and shelters to avoid paying taxes, inflation has turned the AMT into a different monster. The center’s report notes that fewer than 400,000 families were affected by the tax in 1985, this year, about 3.8 million households will see their tax bills rise by an average of $6,813.
January 22 -
A New Hampshire man has said that he will defend himself against capture on tax charges if necessary, according to U.S. marshals.The government said that they have no plan of escalating the situation, after a jury decided that Edward and Elaine Brown plotted to hide their income and avoid taxes on Elaine’s nearly $2 million income between 1996 and 2003. According to the jury, over the past decade, the couple also used more than $215,000 of postal money orders to pay for their hilltop compound and for Elaine Brown's dental offices.
January 22 -
The Internal Revenue Service has released a fact sheet explaining the 2006 alternative motor vehicle credit allowed for 44 automobiles certified as eligible.
January 19