Tax

Republican presidential candidates debated their tax-lowering credentials at an event sponsored by CNBC, MSNBC and The Wall Street Journal on Tuesday evening.

The Internal Revenue Service has given businesses a simpler process for requesting relief for late elections.

The KPMG tax shelter case got underway with jury selection and a drastically reduced set of defendants.

The push to raise taxes on hedge funds, private equity firms and their managers seems to have stalled for this year in Congress.

Jackson Hewitt Tax Service has ousted chairman and chief executive Michael Lister after more than 125 of the company's franchises faced charges of fraudulent tax return preparation.

The House of Representatives has passed a bill that would provide relief to homeowners facing the threat of taxes on their foreclosed homes in the midst of the subprime mortgage meltdown.

Grand Rapids, Mich. - A federal grand jury has indicted three tax shelter promoters, charging them with conspiring to promote, market and sell fraudulent tax shelters.

GOVERNMENT OWES $45M IN EMPLOYMENT TAXESWASHINGTON, D.C. - The federal government is itself a tax delinquent, owing approximately $45 million in employment taxes, according to a report from a Treasury Department watchdog.

The Internal Revenue Service has lost the first round in a much-anticipated test case against Textron Inc., in which it sought judicial approval for a new program seeking tax accrual workpapers during the examination of corporate clients.The IRS is interested in Textron's and others' workpapers, since they document what the company considers its questionable tax positions.

The Internal Revenue Service is not doing enough to match incorrect or missing identification numbers on income and wage statements with existing tax accounts, charged the Treasury Inspector General for Tax AdministrationThe TIGTA noted that in tax year 2004 alone, the IRS received about 3.8 million income statements reporting approximately $150 billion in earnings that could not be matched to a filed tax return because of missing or erroneous ID numbers. Compared to 2001, that represented a 63 percent increase.