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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The chairman of the House Ways & Means Committee has introduced a new bill to permanently raise the estate tax exemption level to $5 million in 2010.
June 20 -
The Internal Revenue Service is providing additional time -- through Oct. 16 -- to file 2004 and 2005 individual income tax returns for taxpayers hit hardest by Hurricane Katrina.
June 20 -
All sorts of press releases and product announcements come my way throughout the course of a week, besides all the material I go out seeking to consider running on WebCPA.
June 20 -
The tax-exempt status of more than 550 hospitals appears to be the latest nonprofit segment coming under scrutiny by the Internal Revenue Service.
June 19 -
The ink was barely dry on President George W. Bush's signature before critics and proponents of provisions in the new tax reconciliation legislation voiced their reactions, and practitioners began studying planning opportunities for their clients.What began life as bipartisan 2005 reconciliation legislation became a political football involving months of negotiations, infighting and eventual compromise before a bill was passed that includes a number of extenders, tax breaks and revenue raisers.
June 18 -
The Taxpayer Advocacy Panel has released its 2005 Annual Report summarizing its new recommendations for improvements in the way the Internal Revenue Service does business.The report forwarded suggestions to the IRS representing a variety of concerns, including six suggestions regarding refunds and refund anticipation loans, and recommendations to change the instructions for offers in compromise.
June 18 -
The U.S. Supreme Court unanimously denied a taxpayer group's challenge to nearly $300 million in tax breaks given to a DaimlerChrysler plant in Toledo, Ohio.In the 9-0 decision, Chief Justice John Roberts wrote that the municipal taxpayer group had no standing to challenge tax or spending decisions based solely on their status as taxpayers. He wrote that the argument added "yet another level of conjecture to their already hypothetical claim of injury."
June 18