Tax Strategies

The Internal Revenue Service violated some of its own legal requirements in some of the seizures of taxpayer property it conducted in the past two years, according to a new report.

MSNBC host Keith Olbermann was on the receiving end of a tax warrant from New York State charging him with $2,269.50 in back taxes for his Los Angeles-based business, Olbermann Broadcasting Empire.

The Internal Revenue Service has issued proposed regulations implementing amendments to the tax return preparer penalties.

The Internal Revenue Service has recently published an online guide to help its examiners assess the validity of businesses' claims for the research credit.

The Internal Revenue Service has issued a notice providing guidance on the effect of adding liquidity facilities to support auction rate preferred stock on the equity character of the stock.

A provision in a bill that recently made its way through the House would correct the imbalance between tax payers and preparers that was created by legislation last year.Changes to the Tax Code by the Small Business and Work Opportunity Act of 2007 tightened the disclosure requirements for tax preparers under Code Sec. 6694 by requiring preparers to disclose any tax positions taken by a taxpayers that didn’t meet the code’s “more likely than not” standard.

With the 2008 presidential election looming, proposals that could turn the most sanguine tax accountants into habitual nailbiters came under serious discussion on both sides of Capitol Hill.In the Senate, congressional leaders called together a panel of top economists to help plot a course for tax reform next year, but the discussion produced more conflict than consensus.

One of the consequences of the credit crisis that began in the summer of 2007 was the deterioration in the U.S. housing market, rendering the valuations of securitized or structured mortgage-backed assets volatile.The contracting demand for these assets — which had been dramatically overvalued by brokers who earned substantial commissions by pushing over 600 varieties of these assets to hedge fund managers through repos that were leveraged without regulatory bounds — precipitated the tightening of unsecured term funding. That led to credit downgrades, massive write-downs of MBS assets by financial institutions according to mark-to-market accounting rules, and illiquidity.

International work assignments — both inbound and outbound, short-term and long-term — have become more common as the world gets “smaller” and “flatter.”While on foreign soil, most employees feel that they deserve additional compensation and that they should be at least somewhat released from the growing number of domestic tax rules that restrict compensation packages. Some of the more irksome rules restricting compensation arrangements lately are contained in the final regs under Code Sec. 409A on nonqualified deferred compensation.

In 1994, the Governmental Accounting Standards Board established standards for public employee pension plans. Government and public employers have to report and account for pension benefits costs.However, until recent years, there was no such standard in place for other post-employment benefits for state and local government workers.