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 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 -
The Internal Revenue Service announced a major milestone in its corporate e-file program -- the successful e-filing of the nation's largest tax return from General Electric Corp. on May 18.
May 31 -
The Heroes Earned Retirement Opportunities Act has passed through Congress and is expected to be signed into law by President Bush. The bill would allow excluded combat pay to be treated as compensation under IRA contribution rules.
May 31 -
The founder of Colorado-based Octane International Ltd., a corporation whose primary business was raising money for the development of an alternative fuel additive called "vapor phase combustion," is facing indictment by a federal grand jury.
May 30 -
The Internal Revenue Service announced regulatory revisions that the agency hopes will remove impediments to e-file for corporations and shareholders.
May 29