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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* IRS SUSPENDS PLAN TO CLOSE ASSISTANCE CENTERS: The Internal Revenue Service will scrap its plans to close 68 Taxpayer Assistance Centers after Congress insisted the agency further study the potential impact of the closures.
August 21 -
The AMT Credit Fairness Act has been introduced in the House with significant bipartisan sponsorship. The bill provides relief for incentive stock option alternative minimum tax victims by accelerating the refund of stranded ISO AMT overpayment credits that, under current law, would not be returned within the taxpayer's lifetime.
August 21 -
The Public Company Accounting Oversight Board adopted new ethics and independence rules for auditors that place clear limits on the ability of accounting firms to offer tax services to their audit clients.
August 21 -
A former accountant at bank HVB Group pleaded guilty in the first prosecution arising from a Senate investigation of tax shelters.
August 14 -
Negotiations are continuing between federal prosecutors and KPMG, and an indictment of the firm for its role in selling tax shelters appears to have been ruled out, according to published reports.
August 11 -
The Internal Revenue Service was recognized for its community-based partnerships linking low-income taxpayers with organizations that prepare tax returns for free, ensure they properly receive tax credits and assist them with ways to build financial savings.
August 11 -
The unexpected jump in tax receipts projected for the fiscal year ending in September provides additional momentum for real tax reform, according to observers.
August 7