Tax Strategies

The Tax Court issued a summary opinion acknowledging that a woman who owned a trucking business took her slot machine playing seriously enough to qualify her as a professional gambler.

A federal grand jury indicted 10 people at a private investigator's office, charging them with a scheme to obtain confidential information on more than 12,000 citizens across the country, including their tax, medical and employment information, by posing as employees of the Internal Revenue Service, the Social Security Administration, doctor's offices and other businesses.

Cosmi Corp. introduced a consumer tax prep package to compete with Intuit's TurboTax and H&R Block's TaxCut, with the help of CCH tax experts providing information and support.

The U.S. Supreme Court issued a unanimous decision that will allow railroads to challenge state methods for determining the value of railroad property, as well as how those methods are applied.

Accounting firm Hausser + Taylor has changed its name to Maloney + Novotny and severed its association with RSM McGladrey.

Tax pros have their own rituals for getting ready for tax season, including checking supplies, test-driving software, training staff, sending out organizers, and wrapping up year-end planning tips for their clients.

Senate Finance Committee Chairman Max Baucus, D-Mont., and House Ways and Means Committee Chairman Charles Rangel, D-N.Y., unveiled a $21 billion package of energy tax legislation that Congress will consider this year, although opposition is expected from the White House as the bill would raise taxes on major oil and gas producers.

The Internal Revenue Service has found problems with many of the conservation easements it gives to landowners in Colorado.

Tax prep firm Gilman Ciocia has acquired Madison CPA, a Fort Lauderdale accounting firm.

The National Association of Enrolled Agents is calling on the Internal Revenue Service to look into problems with the timing of its correspondence audits of taxpayers.