Tax

One of the advantages of the complexity brought on by social engineering in the Tax Code is that, when personal circumstances change and times get rough, there are usually some provisions in the code that come into play to provide a bit of tax relief. Tax practitioners can do a real service for their clients by alerting them to new or existing tax provisions that might be applicable to a particular taxpayer for the first time. Some of them may require the taxpayer to maintain records or be aware of requirements during the course of the year, so alerting them only at tax return preparation time may be too late for some of the tax benefits.

The Internal Revenue Service has proposed amending its regulations to provide further guidance to taxpayers in the home construction industry.

A Florida man was arrested for trying to hire a hit man to kill an Internal Revenue Service employee who had been investigating his personal and business tax liabilities.

The Senate Finance Committee held a hearing on incentives for providing health benefits in the Tax Code.

The Internal Revenue Service has released draft revisions of the Corporate 1120 and Partnership 1065 tax forms, along with related schedules, for public comment.

President Bush has signed into law a bill that will help homeowners facing foreclosure and shore up Fannie Mae and Freddie Mac.

Over 1.6 million businesses owed more than $58 billion in unpaid federal payroll taxes, including interest and penalties, as of last September, according to a new report.

Sen. John McCain, R-Ariz., is provoking some ire among conservatives for a comment he made Sunday that appears to be a bit of a retreat from his no-tax-increase pledge.

The Senate has passed a housing rescue plan by a vote of 72-13 aimed at stemming the tide of foreclosures and shoring up Fannie Mae and Freddie Mac.

KPMG has released a study that ranks cities with the most favorable tax structures for business.