Tax

The Internal Revenue Service has put out a call for a priority list of items it should address with its upcoming guidance.

Prosecutors are asking the judge overseeing the Wesley Snipes tax evasion case to give the actor three years in prison and a fine of $5 million, even though a jury cleared him of felony charges.

A new study by the Computer & Communications Industry Association recommended that the Internal Revenue Service avoid investing in its own online tax preparation system, saying the proposed "I-File" system would be costly to implement and create little or no benefit for consumers.

The Supreme Court has issued unanimous rulings in two tax cases, MeadWestvaco Corp. v. Illinois Department of Revenue, and U.S. v. Clintwood Elkhorn Mining Co.

The Internal Revenue Service has released draft instructions for the redesigned Form 990, the return that tax-exempt organizations such as nonprofit charities, hospitals and universities must file annually.

The Senate Finance Committee heard testimony about U.S. tax policy at a hearing on tax fundamentals in advance of reform efforts that Congress plans to undertake.

The IRS Oversight Board encouraged the Internal Revenue Service to strive for not just "good," but "great" performance, in its 2007 annual report.

Following the release of tax returns by the Clintons and the Obamas, the president and vice president have released copies of their returns.

An Oregon federal court has permanently barred John Fitzgerald of Portland and his three daughters - Marilyn Dial, Martha Farr Sharp and Karen Gray - from marketing a tax fraud scheme involving sham nonprofit corporations that customers used to evade federal taxes, the Justice Department said.

The Internal Revenue Service said it would soon issue guidance to help businesses determine how to use the special 50 percent bonus depreciation allowance included with the recent economic stimulus legislation.