Tax

Now that tax season is safely out of the way, it's a good time to examine how to make it better next year.

The Internal Revenue Service has taken some initial steps to implement the Foreign Account Tax Compliance Act, but it still has a long way to go, according to a new government report.

Students completing the Free Application for Federal Student Aid form can now skip the time consuming process of copying their tax data onto the form.

The New York State Society of CPAs has written to the Internal Revenue Service asking for a simplified method of electing deferral of U.S. taxation on Canadian Registered Retirement Savings Plans.

Senators Charles Schumer, D-N.Y., and Bob Casey, D-Pa., have unveiled a plan to respond to those like Facebook co-founder Eduardo Saverin, who recently moved to renounce his U.S. citizenship, allegedly to avoid taxes on the profits he is expected to collect from the social networking company’s initial public offering.

The Federal Register publishes a quarterly list of persons who have renounced their citizenship. Known as the "name and shame" list, the most recent one, published on April 30, contains the name Eduardo Saverin, co-founder of Facebook. While the move may have nothing to do with Friday's Facebook IPO, it could result in significant tax savings for Eduardo.

The House passed bipartisan legislation Tuesday to bring tax relief to workers employed in more than one state.

The Senate Finance Committee held a hearing Tuesday to examine the impact of tax reform on Native American tribes and U.S. territories such as Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa and the Northern Mariana Islands.

The American Institute of CPAs has introduced a Web-based calculator to help individuals estimate the total amount of taxes they pay every year for the most common federal, state and local taxes.

Identity theft protection company LifeLock is reaching out to the Internal Revenue Service and offering technology to protect taxpayers against the threat of tax fraud.