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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Years ago, I remember watching a news vignette about a drawbridge in some frigid state that kept an operator on duty 24 hours a day.
June 4 -
The 2006 filing season set a series of records, highlighted by 70 million tax returns filed electronically - up 6 percent from last year.
June 4 -
It's been about eight months since the Streamlined Sales Tax Project - the sales tax and use system designed to retrieve lost revenue for states whose tax base is dwindling as a result of online commerce - came into effect on October 1.The goal of the SSTP - which was originally conceived about six years ago - is to formulate a workable interstate agreement that would create a simplified sales and use tax collection system that could be used by retailers regardless of their location. The SSTP establishes uniform definitions of taxable goods, sets rules for sourcing transactions, and centralizes the registration and administration process for retailers to participate in the system.
June 4 -
Although the continuing thirst of states for more dollars to fuel spending increases has led to a variety of efforts to augment tax revenue, they differ widely on what they consider sufficient contact with a business to give them the authority to tax it."Nexus" is the minimum amount of contact between a taxpayer and the state that would permit taxation by the state. It arises from the Constitution's due process clause, which requires a minimum connection between a state and an entity that it seeks to tax, and the Commerce Clause, which prohibits states from unduly burdening interstate commerce.
June 4 -
The U.S. Tax Court announced that Judge John O. Colvin has taken over as chief judge of the U.S. Tax Court as of June 1.
June 1 -
In an effort to encourage savings and more banking, the Internal Revenue Service is creating a program to allow taxpayers who use direct deposit to divide their refunds among as many as three financial accounts.
June 1 -
The Treasury Department and Internal Revenue Service issued final regulations for Section 199 of the tax code, which relates to domestic manufacturing deductions.
June 1