Tax

Tax information publisher BNA introduced the BNA Tax and Accounting Center, an online service that unites all of the company’s tax and accounting information in one place.

The Houston Business & Tax Law Journal plans to hold a symposium in October on the patenting of tax strategies, an idea that has already generated some controversy among patent defenders and critics.

The Taxpayer Advocacy Panel has issued a report calling on the Internal Revenue Service to improve its services and customer satisfaction as well as reduce the burden on taxpayers.

Congress hopes to partially remedy the tax gap by making tax preparers more responsible for the positions their clients take on returns.Because paid preparers prepare over 62 percent of all individual income tax returns, they are a critical quality control for tax administration by helping to prevent noncompliance, according to an April report released by the Government Accountability Office.

Pope Benedict XVI plans to issue an encyclical denouncing tax evasion and the use of offshore tax shelters as Italy embarks upon a campaign to crack down on tax avoidance.

The United States Tax Court has ruled on a case involving a taxpayer, David Billings, who asked to be relieved from liability for the tax owed on money his wife embezzled from his employer without his knowledge, and has decided in his favor.

This coming January officially marks the three-year countdown before the axe falls on the lower individual capital gains rates now in place.Since May 6, 2003, thanks to the Jobs and Growth Tax Relief Reconciliation Act of 2003, gain from the sale of most long-term capital assets is subject to a maximum tax rate of 15 percent (5 percent for individuals in the 10 percent or 15 percent tax bracket). Starting in 2011, however, these rates are scheduled to revert to their former pre-May 6, 2003, levels of 20 percent and 10 percent, respectively. Nevertheless, before the party ends, a 0 percent rate will replace the 5 percent rate for tax years beginning after Dec. 31, 2007.

Sabrix introduced a subscription-based, outsourced service that handles tax determination, return preparation and audit administration for sales and use taxes.

The Internal Revenue Service received a double barrel of criticism from Treasury Department watchdogs for not validating the amount of savings it claimed it would generate from various taxpayer service projects, and for laxness in security.

Fed up with his high semiannual property tax bills, landlord Cary Malchow lugged $12,656.07 in $1 bills and coins to the Delaware County, Ind., treasurer's office to watch employees there count it out.