Tax Strategies

As thousands of CPA firms across the country embark on that annual ritual known as filing season, more and more practices are looking toward document management and workflow solutions to ease the ensuing crush of paper.

The House Committee on Small Business held a hearing on business activity taxes and their impact on small businesses.

On a day when Treasury Secretary Henry Paulson and six major banks announced a 30-day moratorium on foreclosures on some types of property, the Internal Revenue Service said homeowners whose mortgage debts were partially or entirely forgiven could claim relief on a newly revised IRS form.

Now that clients have received their W-2 forms from their employers, we’re starting to get into the main part of tax season.

The Internal Revenue Service has released the Corporation Source Book, which presents balance sheet, income statement, tax and other statistics across various industrial sectors.

Michael Jackson has finally settled the outstanding $600,000 property tax debt on his Neverland Ranch.

Two large computer servers belonging to the District of Columbia tax office were found in a trash alcove behind a Ruby Tuesday restaurant.

The U.S. District Court for the Western District of Texas has barred Thell G. Prueitt of Kingsland, Texas, from preparing federal tax returns for others and from promoting various tax fraud schemes, said the Justice Department.

Unreported income from the cash economy and late-year Tax Code changes are the focus of the first of this year's two reports to Congress by National Taxpayer Advocate Nina E. Olson.In her report, Olson proposed a comprehensive strategy to address tax noncompliance in the cash economy, which accounts for the largest portion of the tax gap. The report identifies the lack of progress in addressing cash economy noncompliance as a most serious problem.

The Internal Revenue Service hopes that new interim guidance for tax preparers will ease concerns over the expanded preparer penalties and heightened standards of conduct that must be met to avoid the penalties.