Tax

Presidential hopefuls Sen. Barack Obama, D-Ill., and Sen. John McCain, R-Ariz., clashed over their tax plans, trading accusations of hikes in capital gains and Social Security taxes.

The Small Business Administration has created an online tax savings resource center to help small businesses understand the benefits of the economic stimulus package.

Senate Republicans have defeated a proposal to charge oil companies a windfall profits tax.

The Supreme Court ruled unanimously that businesses could use the Racketeer Influenced and Corrupt Organizations Act to sue competitors who purchased tax liens after submitting false documents.

The Internal Revenue Service is pursuing billionaire Philip Anschutz over $143.6 million in back taxes in an effort to discourage arrangements that allow people to defer paying capital gains taxes.

The AICPA Private Companies Practice Section (PCPS) did a remarkable job with its 2007 Top MAP Issues survey, and it was done without even changing the question that is asked each year or who was asked. It was done simply by taking a knife and cutting up the answers. The annual survey asks various practitioners in public practice: What are your top five MAP concerns?

The New York State Society of CPAs held a conference to discuss ways that accountants can battle fraud at the companies they audit.

The Internal Revenue Service has added new features to its Online Payment Agreement Application, making it easier for taxpayers and practitioners to modify existing installment agreements for paying tax debts to the government.

The American Institute of CPAs' Tax Division presented Alan Einhorn with its 2007-2008 Distinguished Service Award at its spring meeting.

The Government Accountability Office conducted an undercover investigation of tax preparers earlier this year to learn what they disclose to clients about the fees they charge for refund anticipation loans.