Tax

The Internal Revenue Service plans to allow more of the remaining tax forms that have not been available for electronic filing yet this tax season to go through during the first week of March.

The Financial Crimes Enforcement Network, one of the Treasury Department’s lead agencies in the battle against money laundering and other crimes, has issued an advisory to financial institutions warning them to beware of tax refund fraud and identity theft, and to report such activity by filing Suspicious Activity Reports.

Private equity fund managers are beginning to be concerned that they may lose their tax break on carried interest as lawmakers in Washington again debate tax reform.

Free online bookkeeping and tax software maker Outwright.com is offering a new version of its mobile iPhone app with automated gas mileage tracking and receipt picture saving and storing capabilities.

Less than two months ago Washington escaped from the doomsday scenario of the looming “fiscal cliff.” Now it faces the threat of the less colorfully named “sequester” or “sequestration,” depending on who’s talking about it, but somehow the dire warnings of impending disaster are beginning to sound unconvincing.

The Internal Revenue Service has filed notices with a federal district court and appeals court of its intention to appeal a judge’s ruling that struck down the mandatory testing and continuing education requirements of its Registered Tax Return Preparer regime and asked the court to suspend the January ruling that invalidated the RTRP regime.

The Internal Revenue Service has released a favorable private letter ruling allowing WTP Exchange, an affiliate of WTP Advisors, to provide both like-kind exchange software and qualified intermediary services.

The Tax & Accounting business of Thomson Reuters has introduced a cloud-based version of its software for managing sales and use taxes and value-added taxes.

IRS e-file provider Aplos Software will begin offering its Aplos e-File online tax preparation and e-filing product for IRS Form 990-EZ in March of 2013.

The IRS announced that it would no longer hold tax returns that both claimed the Earned Income Tax Credit and had incomplete or appropriate Forms 8867 attached.