Tax

Joe the Plumber has made his next mission the abolition of the Internal Revenue Service.

As governments desperately seek all kinds of additional revenue, senior business professionals see the increased possibility of an audit by taxing authorities as the most significant tax risk facing their organizations today, according to a new survey.

Washington, D.C.-The Internal Revenue Service has decided not to renew its contracts with two private debt collection agencies.The IRS said that the decision came after an extensive review of the controversial program. A provision to end the private debt collection program was inserted into the omnibus spending bill that is currently before the Senate.

The Internal Revenue Service should determine whether using tax software creates any security and compliance risks, recommended the Government Accountability Office in a new report.

Two former KPMG managers received prison terms and multimillion-dollar fines in a long-running tax shelter case.

Victims of severe flooding in Minnesota and North Dakota have an extra 30 days, until May 15, to file their 2008 individual tax returns and pay any taxes due.

Both the House and Senate approved the Democrats’ version of a $3.5 trillion budget plan for fiscal year 2010, but without a single Republican vote.

Practical Accountant magazine has released its 16th annual survey of the top regional accounting firms across the U.S.

The first U.S. client of Swiss bank UBS has been arrested on tax evasion charges by federal authorities, and he’s an accountant.

Lawmakers at a congressional hearing Wednesday pressed Internal Revenue Service Commissioner Douglas Shulman to ease up on audits of small businesses.