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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Congressional investigators have uncovered a new breed of tax chiselers - deadbeat charities that shortchange the government and their own employees by failing to pay millions of dollars in payroll taxes.As tax-exempt organizations, or EOs, charities are excused from income tax liability, but are required to withhold and pay employment taxes for their workers. With one in 12 U.S. civilian workers now employed by exempt organizations, even a small percentage of non-compliance by charities can add up to a significant drain for federal tax collectors.
July 9 -
The Internal Revenue Service will issue guidance clarifying the 20 percent penalty for executives divesting a deferred compensation arrangement.
July 4 -
Looking at criteria that includes business taxes and state incentives, a recently released survey has found that Philadelphia is the most expensive city to do business in, while Cheyenne, Wyo., took the honors at the opposite end of the scale.
July 4 -
At the beach earlier this week, my sister found herself on the receiving end of a delivery from a seagull -- much to her horror at the moment, and the amusement of everyone I've told the story to since.
July 4 -
The Senate Finance Committee approved legislation that would empower the Internal Revenue Service to hit sex traffickers with major fines and lengthy prison sentences for failing to file employment paperwork and withhold taxes for the women and girls under their command.
June 29 -
State tax revenues for all 50 states totaled $146.6 billion in the first quarter of 2006, up 6.8 percent from the same period in 2005, according to t he Nelson A. Rockefeller Institute of Government.
June 28 -
While the Internal Revenue Service's reward program for turning in tax cheats does a good job bringing in money, it's still in need of some revamping, a ccording to a report from the Treasury Inspector General for Tax Administration.
June 25