Tax Strategies

Germany has committed to sharing tax evasion information as a widening tax scandal involving its citizens and the tax haven of Liechtenstein spreads to other parts of Europe.

While Democrats and Republicans slug it out on the campaign trail, there's one issue of deep concern to accountants that all of the 2008 presidential candidates agree on: the need for reform of the federal tax system.That is where the consensus ends, however. None of the contenders agree on what changes are needed in the Tax Code, or even what constitutes reform. Adding to the confusion, at least some of the candidates have tailored their tax reform positions to their audience -- favoring one course of action while on the campaign trail, but voting the opposite way in Congress.

In a deal that lawmakers and the White House hope will help jumpstart a wheezing economy, leaders on both sides of the aisle agreed on a $150 billion economic stimulus plan that would hand most taxpayers rebate checks of between $600 and $1,200.

A case currently before the U.S. Supreme Court could have huge implications for state tax law when it's decided in late spring.

IRS FILES OVERWHELM STORAGE SPACE

Former pro baseball player Lenny Dykstra plans to fight a lawsuit from his former accounting firm, which claims he owes the firm $111,097 in fees.

Regional accounting firm Cherry, Bekaert & Holland has acquired Massey + Pittman, giving the firm a larger presence in the Atlanta area and expanding its real estate and construction industry group.

The Internal Revenue Service has given some farmers, fishermen and other agricultural industry taxpayers until March 10 to electronically file the newly revised Form 4136, "Credit for Federal Tax Paid on Fuels."

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In November, we devoted a column to the issues surrounding the new return preparer penalty standards under Internal Revenue Code Sec. 6694 enacted as part of the Small Business and Work Opportunity Act of 2007. Those changes focused on the expansion of coverage of Code Section 6694 to tax returns beyond income tax returns; an increase in the penalties imposed, including penalties based on 50 percent of fees derived from return preparation; and an increase in the disclosure standard required to avoid penalties to more likely than not (greater than 50 percent) from a realistic possibility of prevailing on the merits (greater than one third).