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.
-
Although tax experts from across the spectrum predict that a real tax reform is in our future, they are divided on how soon it will happen or what form it will take.Mark Weinberger, former Treasury assistant secretary for tax policy, said during a recent Tax Analysts-sponsored Webcast that tax reform will eventually happen. However, said Weinberger, currently Americas vice chair for tax services for Ernst & Young, the structure and timing are still up in the air.
January 30 -
Congress, in the waning days of its 2005 session, after failing to carry out significant parts of its tax agenda for the year, has managed to pass a Gulf Coast recovery tax act. As is common with the "last stagecoach out of town" for the year, a lot of things managed to "jump on."The hurricane provisions take up 84 pages of bill text, but the legislation goes on for another 100 pages. Among the areas addressed beyond hurricane recovery and relief are a few extensions of expiring provisions, a couple of miscellaneous items, and a huge package of technical corrections covering 10 pieces of tax legislation going back as far as 1987.
January 30 -
The Internal Revenue Service reminds tax professionals that there are IRS tools to help them prepare accurate EITC claims. Tax professionals prepared 71 percent of the 21.1 million EITC claims for tax year 2004.
January 27 -
A jury found Richard Hatch, who won $1 million on the first season of the CBS reality show "Survivor," guilty on three counts of tax evasion for failing to pay taxes on his winnings and other income.
January 26 -
CCH and H&R Block's Specialty Tax Services Division announced a partnership to offer a domestic service solution for accounting professionals who need to outsource some or all of their work during the busy tax and extension seasons.
January 26 -
With the State of the Union address just a week away, advisors to President Bush said that new tax breaks for health care costs are being considered.
January 26 -
It didn't take long for the Internal Revenue Service to move forward in combating one of the major complaints outlined in the Jan. 10 report from the national taxpayer advocate.
January 25