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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Former California gubernatorial candidate George "Nick" Jesson has pleaded guilty to state tax evasion charges and will begin serving a 27-month term in prison concurrently with his sentence for federal tax evasion charges.
July 25 -
Australia's Tax Office is investigating Paul Hogan, star of the "Crocodile Dundee" films, on suspicion of funneling millions in royalties from his films into illegal tax havens.
July 25 -
Reading about former California gubernatorial candidate George "Nick" Jesson, who recently finished pleading guilty to state and federal tax evasion charges, reminded me of conversation I'd had with a friend a couple of weeks back.
July 25 -
Reality television victor Richard Hatch has been sent to an Oklahoma federal prison to serve a 51-month sentence for failing to pay taxes on the more than $1 million he took away from the first season of CBS's "Survivor."
July 24 -
While most taxpayers and their accountants complain about the increasingly complex Tax Code, some of the nation's biggest corporations welcome complexity as an opportunity to "game the system."At least that's the latest grumbling from Capitol Hill, where members of the Senate Finance Committee are voicing fresh concerns over the widening "corporate tax gap."
July 23 -
Cono R. Namorato was appointed to head the Internal Revenue Service Office of Professional Responsibility in December 2003.The OPR investigates allegations of misconduct or negligence against tax practitioners, and enforces the standards of practice for those who represent taxpayers before the IRS. As director of the OPR, Namorato oversaw the service's increasing efforts to achieve compliance nationwide among tax practitioners with newly enhanced standards of conduct, and he also served as senior advisor to the Commissioner of Internal Revenue on complex enforcement matters.
July 23 -
In late May, the Internal Revenue Service produced interim guidance in the form of Notice 2006-9, describing the new credit for qualified hybrid vehicles. Spawned by the Energy Policy Act of 2005, the credit replaces the $2,000 clean-fuel vehicle deduction that was available in previous years.A hybrid vehicle is defined as a vehicle that must have both an internal combustion or heat engine and a rechargeable energy storage system. There are also emission requirements for the vehicles. Only new hybrid vehicles purchased on or after Jan. 1, 2006, qualify for the credit, which is based on a two-pronged system that incorporates calculations based on the weight and the estimated lifetime fuel savings of the vehicle.
July 23