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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In a move that promises to have far-reaching consequences for global operations and international tax compliance, the Supreme Court has ruled that defendants who evaded Canadian taxes could be prosecuted in the U.S. under federal wire fraud laws.
June 5 -
MCI agreed to pay $100 million in cash to the state of Mississippi for back taxes that the state claimed were owed by the company's predecessor, WorldCom.
June 5 -
A crackdown on abusive tax shelters that includes codifying the economic substance doctrine would create legal booby traps for small businesses and open the door for new abuses by unscrupulous tax shelter promoters, the American Institute of CPAs warned Congress.
June 5 -
With the rising deficits and a series of tax reductions enacted in the first term of the Bush administration, many tax practitioners are starting to feel that the tax situation for their clients is never going to get much better than it is right now.
June 5 -
The Internal Revenue Service has been shifting its priorities from taxpayer service to enforcement and its management of the Business Systems Modernization program - an ongoing umbrella program of upgrades - from contractors to IRS staff.
June 5 -
As part of cost-cutting measures and a move toward online services, the Internal Revenue Service will no longer mail out its compilation of federal tax forms and instructions for tax professionals, known as Package X.
June 1 -
Intuit has launched an online tax research Web site called TaxAlmanac, in which it is enabling practitioners to post questions and answers.
May 31