Tax

The IRS recently made it clear that even if taxpayers engage a third party to perform a cost segregation analysis, they cannot avoid penalties for aggressive positions taken in the cost segregation report.

The former manager of an H&R Block outlet pleaded guilty Monday to charges that he used the identities of his former tax prep clients to file false tax returns seeking fraudulent tax refunds.

Small business owners prefer a Tax Code with low rates and fewer deductions, according to a new survey by the National Federation of Independent Business, but their bottom line is whether their taxes rise or fall.

The Minnesota Department of Revenue is advising the state’s tax payers not to use Intuit products to file their 2012 taxes electronically or on paper due to what it claims are “multiple issues” with their products, according to a recent Forbes article.

The Internal Revenue Service is reminding tax practitioners that they cannot electronically file Form 8839, Qualified Adoption Expenses, this year, but instead must mail the forms to the IRS.

Check out the digital edition of the March 2013 issue of Accounting Today.

Like most of you, I’ve already experienced my fair share of stress this busy season, and it has barely begun. In addition to the shortened filing period, many practitioners are facing significant software glitches. Those are tough challenges for firms like my own, which consists of myself, a seasonal employee and an administrative person.

With lawmakers under pressure to find ways to reduce the deficit while avoiding the more painful spending cuts in the sequester, the Senate Budget Committee held a hearing to examine how to reduce the deficit by eliminating wasteful spending in the Tax Code.

The Internal Revenue Service reminded practitioners that they should not include advertisements for their services when sending out W-2 forms.

Taxes are increasingly spreading beyond national and state borders to make more of a global impact, affecting economic activity across the world.