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.
-
The decline in ethics that took place over the 1990s hurt not only the taxpayers who took positions they shouldn't have taken, but it also hurt responsible tax practitioners, who saw their business taken away by the more aggressive practices, according to Internal Revenue Service Commissioner Mark W. Everson.
July 10 -
National Taxpayer Advocate Nina E. Olson urged the Internal Revenue Service to focus more broadly on steps to increase voluntary compliance.
July 10 -
Some taxpayers apparently believe that the ability to claim a charitable deduction for donation of an automobile ended on Dec. 31, 2004. The advertisements on the radio would make one believe that nothing has changed, and that you can still claim a deduction for donated automobiles just as before Jan. 1.
July 10 -
Looking to accelerate its growth in the online and packaged software tax industry, H&R Block yesterday acquired San Diego-based TaxNet Inc., a provider of customized online tax services. Terms of the deal were not disclosed.
July 7 -
While the Internal Revenue Service is working overtime to send tax cheats to prison, officials at the tax service are discovering that a considerable portion of them are already behind bars.
July 6 -
The U.S. House of Representatives passed a Treasury appropriations bill last week to provide the Internal Revenue Service with $10.5 billion in fiscal year 2006. The Senate has yet to take up consideration of the bill.
July 6 -
Senators Connie Mack and John Breaux, chairman and vice-chairman of the President's Advisory Panel on Federal Tax Reform, respectively, announced that the panel's 10th meeting will be held on Wednesday, July 20. The meeting will be held at the Renaissance Hotel here. The panel has held nine meetings in which witnesses testified about problems with the current tax system and various options for reform. At this meeting, panel members will discuss issues associated with reform, but there will not be any testimony presented. The President's Advisory Panel on Federal Tax Reform was established by President Bush in January and charged with recommending reforms to the tax code that would make the U.S. tax system simpler, fairer and more growth-oriented. The panel's final recommendations are due by Sept. 30, 2005.
July 5