Tax

New York's Attorney General filed a $250 million fraud suit against H&R Block Inc., accusing the tax prep giant of steering hundreds of thousands of clients to investment retirement accounts with costs higher than what they would earn back.

Internal Revenue Service Commissioner Mark Everson said that lawmakers should consider making corporate tax returns part of the public record in a speech at the National Press Club in Washington.

About 10 percent of General Service Administration contractors owed roughly $1.4 billion in unpaid taxes between the years 2004-05,according to an investigation conducted by the Government Accountability Office.

The American Institute of CPAs and the American Association of Attorney-CPAs have partnered with the Internal Revenue Service to offer free tax return preparation assistance to some taxpayers impacted by Hurricanes Katrina, Rita and Wilma.

Marion Barry, the former four-term mayor of Washington and a current D.C. council member, was sentenced to three years of supervised probation on misdemeanor charges of failing to pay income taxes for six years.

The Internal Revenue Service awarded contracts to a trio of firms to participate in the first phase of its private debt collection initiative.

Professional preparation of a non-itemized Form 1040 will cost a taxpayer about $110, while an itemized 1040 with Schedule A will run about $201, according to a survey from the National Society of Accountants.

Taxpayers doesn't seem to be returning to pencil and paper after the Internal Revenue Service discontinued its TeleFile service.

American taxpayer support for overall tax compliance has reached an all-time high, according to an annual survey commissioned by the IRS Oversight Board.

Kroger Co., the largest supermarket company in the country, will restate its earnings for the past three years for errors in accounting of deferred taxes.