Tax

The Tax Court has granted innocent spouse relief to the widow of former San Francisco Mayor Joseph Alioto, saving her $1.9 million in taxes and penalties.

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Senate Finance Committee Chairman Max Baucus, D-Mont., accused the Internal Revenue Service of falling short on efforts to combat taxpayer identity theft.

The IRS's Taxpayer Advocacy Panel has released an annual report on its activities and recommendations for improving the Internal Revenue Service.

The U.S. Court of Federal Claims ruled against a family's attempt to avoid taxes on $204 million in gain realized on the sale of their business by using a tax shelter.

Sen. Barack Obama, D-Ill., called for an "emergency energy rebate" of $1,000 to be offered to families this fall, along with a $50 billion stimulus package to help jump-start job creation.

The Internal Revenue Service has seized over $24 million from two companies that were processing payments for an Internet gambling site, Bodog.com.

Whether John McCain or Barack Obama becomes the country’s next chief executive, they will need to look not only at tax reform, but international tax reform early in their administration.“We may find it wise to get to [international] tax reform very early,” advised Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee, during recent Capitol Hill hearings on the issue.

The 80 percent e-file goal, in place since it was proposed in the IRS Restructuring and Reform Act of 1998, was a major contributing factor to the growth in electronic filing, despite the fact that it fell short of the 2007 deadline, according to the Internal Revenue Service Oversight Board.

WRONG CALCULATIONS MAY AFFECT STIMULUS PAYMENTS