Tax

IRS WARNS ON DONOR-ADVISED FUNDSWashington, D.C. - The Internal Revenue Service has issued a guide sheet for organizations that maintain donor-advised funds to help safeguard against abuses. The guide sheet includes a series of questions to establish whether an organization qualifies as a sponsoring organization.

While the tax law cannot exactly make lemonade out of the lemons produced by a bad economy, it can help many businesses prevent a bad situation from becoming worse. Several Tax Strategy columns back, we outlined some tax planning ideas for individuals in a troubled economy. This column takes up where that advice left off, suggesting several tax strategies that can help businesses better deal with an economic downturn.INTRODUCTION

The Internal Revenue Service’s Office of Appeals has improved its handling of collection due process cases, but there are still instances where taxpayers were not provided with their right to a hearing, according to a new report.

The Internal Revenue Service still has problems with protecting the privacy of taxpayers' personally identifiable information on the printed documents it mails, according to a new report.

The Internal Revenue Service said that Texas taxpayers harmed by Hurricane Ike qualify for tax relief and can postpone their tax-filing and payment deadlines until Jan. 5, 2009.

The Internal Revenue Service has released a list of industry-specific issues that its auditors may consider when examining a business's returns.

A former District of Columbia tax office manager has pleaded guilty to running a scam that resulted in nearly $50 million in fake property tax refund checks being issued to her and her associates.

CCH and Thomson Reuters' RIA unit have calculated the inflation-adjusted amounts for tax brackets, standard deductions and exemptions for next tax season.

Rep. Charles Rangel, D-N.Y., plans to hire a forensic accountant to sort through his tax liabilities as he comes under increasing pressure to step down from his chairmanship of the tax-writing House Ways and Means Committee.

KPMG was on the losing side of a $17.6 million verdict in a case involving an investor who claimed the firm gave him bad tax advice.